CLS Holdings said this morning it was in a “strong position” after reporting increased full-year profits and net asset value.
NAV per share rose 9% to 445.7p and pretax profit for the year to 31 December rose 2.9% to £17.6m.
“CLS is in a strong financial position, is cash rich, has financial flexibility and its financial controls are robust. I believe that CLS is well placed to increase its profits during 2004 whilst continuing to incur only a small taxation liability,” said chairman Sten Mortstedt.
The firm also said it intends to make a tender offer buy-back of 1 in 36 shares at 360p, making a total distribution to shareholders of 16.5p per share for the year, up 15% on 2002.
Its property portfolio was valued at £882m, up 4%, while and at the year-end, the CLS £57m in cash.
References: EGi News 27/02/04
