Former MEPC director Robert Ware’s company Conygar has reported a 123% increase in pre-tax profits for the year to 30 September 2006.
Profit before tax increased to £1.177m, up from £527,000 for the previous year off the back of a 3% increase in group turnover to £10m.
In 2005, most of Conygar’s £9.7m turnover was attributable to its joint venture activities, which contributed nothing this year.
The trading and development group, set up in December 2003, also reported a 54% increase in basic earnings per share to 5.65p up from last year’s 3.66p, and a 116% increase in NAV to 117p per share.
Following the purchase of a block of properties in Bedford Square, WC1, for £54.5m in May this year the AIM-listed company has sold 2 of the properties for £9.22m.
It reports there is a further property under exchange for £4.7m, and that after the year-end a further 2 properties have been exchanged for sale for £19.05m.
In the coming year the company aims to finalise planning permission at Pembroke Dock, the £100m marina development in West Wales in which Conygar has a 50% stake, in the coming year.
References: EGi News 19/12/06
