News blog

Safeland

  • BY: Andrew Hore |
  • POSTED: 19/08/2013 |

Property investor and developer Safeland reported a 14% leap in net asset value to 57p a share in the year to March 2013 and the shares are trading at a discount of more than two-thirds to that figure.

Safeland did not cover its overheads with its gross profit but it reported a sharp jump in pre-tax profit from £31,000 to £1.03m because of a partial write-back of the previous year’s provision for the misappropriation of funds. The write-back was £809,000 against the previous year’s provision of £1.23m.

The value of the Chandos Tennis Club site has been increased by £225,000.

The Safestay hostel joint venture has opened its first site and more will be added. The joint venture contributed £446,000, against a £8,000 loss last time.

The share price has more than doubled in the past year. At 16.5p a share, up 1.25p, Safeland is £2.94m. The NAV was £9.66m at the end of March 2013. The shares are trading at near-70% discount to NAV.

Net debt has been reduced from £6.73m to £6.17m and all of the debt has been moved from short-term to long-term. The credit facility is £12.5m and it lasts until October 2015.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2013_47.pdf

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