Fewer commercial property sales in the half-year to end-March kept Warner Estate’s pretax profits static at £4.8m.
However, the improving market helped operating profits up 13% to £6.08m. Rents were up to £7.7m from £6.8m the previous half-year, and property trading produced a profit of £190,000.
Warner has acquired Merivale Moore’s half share of their joint trading venture following the latter’s decision to withdraw from the activity.
During the period, a £9.1m portfolio of retail properties was added to trading stock. Since the half-year end, another £14m worth has been bought.
Warner is over one-third invested in the residential market.
