Allied London Properties has been maintaining growth as it restructures its property portfolio.
The company is shifting its interests away from secondary office buildings towards the retail sector. It has been assisted by a strong performance from its residential land provider Pelham Homes, which specialises in selling land to housebuilders with planning permission already obtained.
The company was also boosted by a £4.3m profit on the sale of investment properties. Pretax profits for the year to June 30 rose 34% to £16m. Analysts predict 1998-99 pretax profits of £11.5m.
Chairman Sir Geoffrey Leigh said that, despite record results, the company was out of favour with institutional shareholders. Shares remained at 72p.
The Times’ Tempus columnist expresses the opinion that there are too many small property companies and that there should be more mergers.
Financial Times 29/09/98 page 31
The Times 29/09/98 page 30, page 32 (Stock Market, Tempus)
