Interest on its cash surplus has allowed factory outlet operator Freeport Leisure to report a 114% increase in pre-tax profits.
Interim figures for the six months to December 1998 showed pre-tax profits up to £3.03m from £1.41m in December 1997, but operating profits from the business rose only 7% to £1.629m.
The firm’s portfolio was valued at £101m, compared with 67m last year.
Freeport shares dropped 12p to 416.5p this morning after analyst speculation that it could be a takeover target put 28p on the share price yesterday.
Chief executive Sean Collidge said the firm was not in discussions with any other parties at the moment.
EGi News 17/02/99
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