First half results at West Midlands-based Folkes – the engineering and property group -showed a 7% increase in profits to £2.20m. Gearing reduced to 8.6%.
About 11,612sq m (125,000 sq ft) of of older industrial property was sold for £1.3m, and further lettings were achieved at Britannia Park, Wednesbury.
Folkes has bought eight acres of land at Tamworth for 12,541sq m (135,000 sq ft) of industrial space.The £6m Tame Park will be built in two phases with the first phase ready for occupation in April 1998.
Chairman and chief executive Constantine Folkes said the strength of sterling would result in lower profits this year, but the balance sheet was strong and he expected the property division to continue to perform well.
EGi News 23/09/97
