Pretax profits at Warnford Investments slipped by £0.7m to £6.9m in the year to end-December. But the London-based investment group’s portfolio has been revalued at £104.9m (£89.9m), while the year-end dividend has been raised to 5p per share, against 4.75p per share in 1992.
Freehold Income Trust, a unit trust set up last year to invest in residential ground rents, turned in 16.1% in its first year. Freehold Managers, the company which manages the fund, says that the 10.2% income distribution paid at the year-end compares favourably with long-dated gilts, and that the offer price of units has risen by 5.9% since its launch. Weatherall Green & Smith is property adviser and external valuer to the fund.
Pretax profits at James Smith Estates increased to £1.57m (£1.44m) in the year to end-March. Rental income for the year fell to £2.35m (£2.39m), but purchases in February and March totalling £7.9m – including Westway Shopping Centre, Botley, Bellbrook Business Park, Uckfield and Cavendish House, Hastings – will boost the rent roll in the next 12 months. Having raised £12.4m with the placing and open offer in March, the company has cash to spend and is now looking for acquisitions of up to £25m apiece. Earn-ings per share are up from 6.3p to 6.8p and the year-end dividend is 4.65p, against 4.2p.
Housebuilder Higgs & Hill is expanding its landbank with the £22.5m purchase of 13 sites totalling 78.6 acres in the West and South East of England. Ten of the sites are being bought from English China Clay for £19.3m. The expansion is being funded by a one-for-two rights issue of 22m shares at 105p each, to raise £22.2m. Schroders and Warburg are underwriting the issue.
