Associated British Ports achieved £10.1m at the interim stage — a 44% hike in revenue from property investment — but on the development side Grosvenor Square Properties is still in loss. Last year GSP wrote off £5.4m on development, but in the six months to June the company achieved a surplus of £4.8m, largely due to the £75m sale of Aldwich House. However, provisions of £5m against the value of work in progress leave the developer with a £0.2m loss.
Associated British Ports achieved £10.1m at the interim stage — a 44% hike in revenue from property investment — but on the development side Grosvenor Square Properties is still in loss. Last year GSP wrote off £5.4m on development, but in the six months to June the company achieved a surplus of £4.8m, largely due to the £75m sale of Aldwich House. However, provisions of £5m against the value of work in progress leave the developer with a £0.2m loss.
