AIM-listed developer Terrace Hill this morning said it was “well positioned” to take advantage of sales forced by the credit squeeze as it announced a 13.8% rise in its triple net asset value per share.
Triple net asset value rose to 83.7p per share (2006: 73.6p per share) while adjusted diluted net asset value increased 7.6% to 96.3p per share (2006: 89.5p per share).
Pre-tax profits for the year to 31 October 2007 fell to £18.1m from £25.8m in the previous period driven in part Terrace Hill said by the IFRS requirement that the movement on the revaluation of investment properties is included in the income statement.
The group said that a fall in the projected end value of some of its developments in the year because of yield shifts had been offset by value added to projects through lettings, sales and planning gains.
The end value of its commercial development programme now stands at £1.3bn.
Terrace Hill said the valuation of its residential investment portfolio remained largely unchanged while its Scottish housebuilding business is gathering “momentum”.
Terrace Hill said it was in a strong cash position of over £26m together with £37.7m of undrawn debt facilities.
It is recommending a final dividend of 1.3p per share bringing the total dividend for the year to 2.1p per share, an increase of 16.7% over last year’s figure.
It said it was “well positioned” to take advantage of opportunities in the property market by purchasing attractive assets from distressed or forced sellers.
