Urban&Civic has posted a 3.1% NAV rise in its half-year results.
The firm’s EPRA NAV rose from £409.8m on 30 September 2016 to £424.5m on 31 March 2017, translating into 293p per share.
Profit before tax over the period was £4.2m, down from £25.9m six months ago, as a result of the reclassification of the Rugby holdings to trading stock at the last year end and a pause in commercial sales.
The company has launched a joint planning application with the Secretary of State for Defence for 6,500 homes at Waterbeach, Cambridge and in April it acquired a 33% interest in more than 2,800 units at St Neots, Cambridge.
Urban&Civic now has interests in more than 15,000 residential plots around Cambridge and approaching 33,000 nationwide. Of these, most are within 100 miles of London.
Nigel Hugill, chief executive, said: “Our master developer model is capital efficient, delivering quality for our housebuilder customers. The business captures an increased premium on serviced land, with contracted annual minimum payments that afford good cash flow. Expect to see us realising other assets to invest more in strategic projects.”
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