News blog
Safeland
- BY: Andrew Hore |
- POSTED: 17/08/2012 |
A rise in the value of the Chandos Tennis Club in Golders Green enabled property investor Safeland to move into profit in the year to March 2012 and the share price jumped 50%.
At 10.5p a share, Safeland is valued at £1.77m. Net asset value was £9.04m at the end of March 2012.
The value of the Chandos Tennis Club was increased by more than £1m and the overall unrealised gain on revaluations was £1.36m. However, the Chandos Tennis Club valuation assumes that Safeland can develop the site. If planning permission is refused then the valuation will fall.
This unrealised gain combined with lower admin expenses meant that a loss of £965,000 in 2010-11 was turned into a 2011-12 profit of £705,000. There were no more losses from managing the Managed Workspace Fund after July 2011.
Borrowings have been reduced through the sale of trading properties. Net debt was £6.73m at the end of March 2012 and all the debt is repayable within 12 months.
Safeland has a new joint venture called Safestay which is opening a chain of hostels. The first was opened in Southwark in June.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJuly2012_34.pdf
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|