Panther Securities turned a modest pretax profit of £257,000 for the first half of the year.
An increase in rents receivable helped the group to report a profit, increasing to £5.2m for the six months to 30 June, compared with £4m for the same period last year. This was mainly due to investments made last year in adding new properties to the portfolio.
Panther Securities let 38 properties in the period, totalling £325,000 per year, but lost 14 tenants, resulting in a £182,000 loss pa.
The group made no property sales during the period, but did sell £675,000 of quoted bank shares at a profit of £75,000.
Panther Securities chairman Andrew Perloff said: “Whilst I remain very optimist, many businesses are facing harder times and greater costs for the most part loaded upon them by an uncomprehending government. As you are aware, over the last two years there has been a meaningful increase in our property portfolio mainly through acquisitions, we expect to see the benefit in the medium term as we hope we are buying at the bottom of the market. A relaxation of much of what is often useless regulation could produce a strong stimulus to the economy. There are many potential exciting opportunities for those able to see and take advantage of them (which we believe we are).”
sophia.furber@estatesgazette.com
