Westminster & Country Properties has gone into the red with a swing from pre-tax profits of £171,000 to losses of £392,000 at the halfway stage, and the directors warn that the full-year result is unlikely to be materially different from the interims.
There is no interim payment, compared with a dividend of 3p for the previous first half. The directors are taking a very cautious view of the future, and there is a full provision for potential fees, costs and losses in respect of several projects where planning applications and appeals are outstanding.
In addition, a provision of £130,000 has been made on a property in Denver, Colorado, where a purchaser defaulted. The property has now been taken back by Westminster and its partners to protect their positions. In terms of net assets this property represents a total of £235,000.
