Raven Russia is to adopt a “defensive” strategy as sanctions and falling oil prices continue to affect its business.
It said the conflict in Ukraine and sanctions on Russia were risks which, if not resolved peaceably, would result in the “increased isolation of Russia from international markets”.
The value of the Russian shed specialist’s portfolio fell by $50.8m (£33m) to $1.5bn in the first six months of the year. Rental income fell by £2.3m, compared with the same period in 2014.
Chairman Richard Jewson said the firm was assuming that low oil prices and rouble valuations were the “new normal”.
