Property group looks to long-term value

THE East Anglia-based Property Recycling Group, which acquired and improves brownfield sites for onward sale to developers or end users, has announced an increased dividend despite a reduced level of market activity during 2006.

THE East Anglia-based Property Recycling Group, which acquired and improves brownfield sites for onward sale to developers or end users, has announced an increased dividend despite a reduced level of market activity during 2006.

The AIM-listed company yesterday reported a pre-tax profit for the year to December 31 of £240,000, against £2.42million for 2005, on turnover consisting of £420,000 from property sales, against £4.2million last time, and rental and other property income of £1.16million, down from £4.85million.

However, the final dividend of 0.7p per share makes a total for the year of 1.2p per share, an increase of 20% over 2005, which the company said underlined the board's confidence in the group's prospects.

Company chairman Paul Rackham said: “Our objective is to increase shareholder value. During the period we have significantly enhanced the value of our existing sites through a combination of planning improvements and remediation works.


You may also want to watch:


“This will be reflected in our future results when properties are realised. We will only market our assets once we are satisfied that we have maximised value. The payment of an increased dividend for the year is an indication of our confidence in the future.”

Most Read

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter
Comments powered by Disqus