Brownfield property sites developer Property Recycling reported lower rental income in the first half of 2010 but option fees helped income to improve.
Revenues increased from £437,000 to £666,000 in the six months to June 2010 and that helped the company move from an interim loss of £34,000 to a profit of £179,000. There were £300,000 of option fees in the period. A further option fee of £500,000 for an extension of an existing agreement was received in August.
Planning approval for a biomass plant at the company’s Brigg site was refused and the holder of the option over the land is appealing.
Net debt was £1.83m at the end of June 2010.
The portfolio is still eight sites of 346 hectares in total. The net asset value was £10.3m at the end of June 2010.
At 10.5p a share, Property Recycling is valued at £3.8m.
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