BMO Real Estate made a circa £8.9m loss this year and said it expects the post-Covid recovery to be slow, in its financial report for the year ended 30 June 2020.
The company made an £8.9m loss on ordinary activities before tax, down from the £3.5m profit it made in the previous financial year.
Revenue dipped to £17m from £18.6m, and NAV dropped to 96.6p from 104.8p.
Chairman Vikram Lall said the economic outlook remains “highly uncertain” and with the trading position of occupiers “extremely challenged”, he said it will take time for the company’s output to return to pre-Covid levels.
The company has collected 94.1% of rent due for the March to June quarter, and 90% for the June to September quarter. Lall said the company expects further challenges in collecting rent.
He added the company is expecting to be impacted by current market conditions for the rest of the year and into 2021.
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