FINANCE: Palace Capital has returned to profitability and posted a net asset value per share rise to 374p.
The AIM-listed company recorded pretax profit of £8.4m for the six months to 30 September, compared with a £78,419 loss in the half year to 31 July 2013.
The profit figure includes a £639,304 charge for the costs of acquiring Weybridge-based Property Investment Holdings. The deal was announced in August.
Net asset value per share stood at 374p (31 March 2014: 357p).
The group now has a total portfolio valued at £98.6m, excluding the value of the freehold interest of leasehold properties amounting to £1.2m.
A dividend of 6p is proposed.
Stanley Davis, chairman of Palace Capital, said: “There are plenty of opportunities to create further value from our assets and we have an exciting pipeline of initiatives that are delivering rental growth and driving further increases in capital values.”
