The Conygar Investment Company has posted a 5.2% increase in NAV as the property market outside of London shows signs of recovery.
Robert Ware’s investment firm had a net asset value of 174.6p a share, and made a stable pretax profit of £7.74m in the year to the end of September.
Conygar had net debt of £38.9m, representing gearing of 25.1% against net asset value and 23.6% on a loan to value basis.
The group is continuing its share buy-back programme, acquitting 4.3% of its ordinary share capital at a weighted average price of 96.8p a share over the period.
During the period it obtained planning permission for a 60,000 sq ft Sainsbury’s food store and 835 residential plots in Haverfordwest.
Contracts were exchanged with Marston’s to sell 0.7 acres for a pub and restaurant at Pembroke Dock, and the group obtained planning consent at Parc Cybi Business Park, Holyhead for a 200-space truck stop and logistics depot.
Chief executive Robert Ware said: “Following the turbulent years since the financial crisis, there is now some cause for optimism, as there are definite signs of a recovery and improved market sentiment. This goodwill is beginning to extend outside London, which is benefiting our investment portfolio and we are definitely seeing an upturn in transactional activity, particularly at the occupier level.
“It is too early to predict the scale of the upturn, as any recovery remains fragile, but the past six months have seen an encouraging improvement.
“Conygar remains well funded, cash generative and able to invest, so we are well positioned to take advantage of any market improvement. Our pipeline of development projects is also benefiting from this improved market sentiment and several of these projects are poised to start delivering on their potential.
“We continue to grow net asset value per share and this growth should be enhanced further with progress in the development portfolio and as the anticipated recovery starts to take hold.”
bridget.oconnell@estatesgazette.com
