USM newcomer Trevian Holdings’ Lewis Davis is, to put it politely, unequivocal that interim pre-tax profits down to £93,000 from the £298,000 made in the correspending period last year are not representative of the likely results for the full year.
In the recent placing document, a forecast of £950,000 was made for the year-end, which he still believes will be achieved. “It’s nonsense to say that Trevian is having a bad time,” says Mr Davis, who states that he does not sell buildings to coincide with the half-year figures. Point made.
Last year’s interims were boosted by a £247,000 surplus on the disposal of investment properties. Elsewhere this year’s interims show marginal improvements: rental income is up £8,000 to £200,000; net profits from the sale of developments are up £35,000 to £182,000; management expenses are down £8,000 to £62,000; and, meanwhile, interest costs have only increased £9,000 to £227,000.
Since October 5, the midway point, Trevian has acquired estate agents Davis & Coffer, which Mr Davis, one of the principals, says is going to have the best year in agency in 20 years of practice.
More recently Trevian has bought a 45% stake in Mirra Holdings, which provides services to hospitals. It is also about to sign a contract for the purchase of Charles House in Leicester Square, and is on the point of selling a property in Belfast to the Halifax Building Society.
Furthermore, the company has arranged the refinancing of its Swiss Cottage development (above), which it says will improve liquidity and enable further purchases to be made.
