FINANCE: Mountview Estates has reported a 57% surge in pretax profit and a 10.8% increase in NAV per share for the half year to 30 September.
Pretax profit at the residential property trader was £20.8m, up from £13.2m for the same period last year.
With revenue also up by 28% to £36.9m, chief executive Duncan Sinclair described the results as “an excellent start to the year”.
An independent valuation by Allsop has valued the company’s trading stock at almost £666m, more than double the current book value of £318m.
Mountview said it continued to make good purchases when opportunities occur and was confident of adding to its portfolio in the coming months.
The company said that while it had “general economic reservations”, low gearing meant it was well-placed to cope with potential challenges.
“Historically, the company has done well in difficult times,” it said.
