PSIT, the investment and development company run by Geoff Caines, said it has suffered from the strong value of pound, which has hit its overseas portfolio.
Chairman Albert Perry said that its UK properties were revalued at £337m at the March year end, up 9%. But the gain was partly offset by the strength of the pound, which reduced the value of its foreign assets in sterling terms. Overseas holdings comprise about one-fifth of the portfolio.
The Surrey-based company’s net assets per share rose by 2% to 182p for the year to March. Pretax profit fell 11% to £16m while rental income rose to £23.2m from £22.4m.
Caines said that the company is cranking up its development programme on the back of demand for its existing offices. It expects to start 9,290m2 (100,000 sq ft) of space, plans a business park at Fareham in Hampshire and intends to build more phases of St George’s Court in Altrincham.
At Uxbridge, PSIT has bought a 3,440m2 (37,000 sq ft) office block, let to Rank Xerox, and is talking to the occupier about expanding on to the site next door, which it has owned for some time.
