Property group Pathfinder has rejected fears that it is floundering despite a drop in pretax profits and net asset value.
The AIM-listed groups joint chief executive, Marcus Bacchus, said its recently acquired property group, Recovery 1, would change the “look and feel” of the firm and that the value added from the acquisition had yet to be included in the groups figures.
Pathfinder announced pretax profit of £100,000, down from £1.2m like-for-like for the same period last period. Earnings per share were 0.05p, down from 0.87p from last year. An interim dividend of 0.15p was announced.
Bacchus said the economic slowdown would not see the group put developments on hold. “Provided we dont go into a full blown recession, we look forward to starting our developments by the end of this year,” he said.
EGi News 05/10/01
