News blog
Safeland
- BY: Andrew Hore |
- POSTED: 16/06/2008 |
Property investor and trader Safeland has written down the value of its properties by £1.46m.
This led to a swing from a profit of £3.29m to a loss of £977,000 in the year to March 2008. It was partially offset by a revaluation gain on investment properties of £287,000. Admittedly, last year’s profits were boosted by a £3.57m gain on the sale of its stakes in managed workspace company Bizspace and Serviced Office Group.
These figures exclude discontinued activities in Italy which swung from profit to loss in the period.
The net asset value was maintained at 114p a share, following a buyback of 1.65m shares at 70p a share. The shares fell 3p to 59p following the release of the results. That values Safeland at £9.9m.
The management has been cautious in growing its managed workspace fund and its assets under management have grown from £50m to £61m - more slowly than initially hoped. These fund management activities are being built up to provide a more steady income stream.
Net debt was £19.3m at the end of March 2008. Nearly all the debt is repayable within one year.
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