Shares in Warner Estates leapt 10p to 247.5p after the City reacted favourably to the company’s interims announced this morning.
The City, according to Warner’s finance director David Veaser, was encouraged by a 19% increase in Warner’s Net Asset Value to 308p. “What more could they ask for?” Veasey said.
Warner posted a 14.7% pre-tax profit hike to £9.67m during the six months to September underpinned by a 12.9% increase in rental income to £15.71m.
According to Veasey the company plans to diversify its investment strategy. It has resulted in a portfolio weighting of 42% retail, 27% offices, 10% industrial and 21% residential.
Warner will continue to invest in other floated property companies, confirmed Veasey. It already holds a stake in Bradford Proeprty Trust which during the last six months rose from £47.36m to £57.57m.
The company also holds equity in Merivale Moore and East Surrey Holdings.
EGI News 19/12/97
