Ewart, Northern Ireland’s only quoted property company, has announced a 33% jump in pre-tax profits to £1.093m for the six months up to December last year.
The profit figure was dented by exceptional costs of £100,000 brought about by Dunloe House’s hostile takeover attempt. The board’s response to the takeover offer will be made public shortly.
Chairman Brian O’Connor said: “Given the progress the company has made, it will come as no surprise to shareholders that we as a Board have not welcomed the approach from Dunloe.”
Earnings per share were up 24% to 2.38p and the interim dividend has gone up 0.5p to 7.5p. Net assets per share have gone up from 62.5p to 81p.
Recently, the company has let its Ross’s Court building in central Belfast to Argos. The catologue retailer has taken a 25-year lease at £350,000 pa, rising to £400,000 after 5 years.
Ewart’s portfolio was also boosted by the rise in commercial site values in Belfast, where the company owns the prime Bedford Street site. In addition, Ewart has bought a cold store in Braintree, Essex and a surface car park in Ayr, Scotland. The purchases yielded a gain on book value of some 60%.
EGi News 19/01/98
