RNS Number:8498P
Development Securities PLC
17 September 2003
DEVELOPMENT SECURITIES PLC - INTERIM RESULTS
Nine per cent increase in interim dividend
Strong balance sheet in difficult market
Development Securities PLC, the leading property development and investment
company, today announces a pre-tax loss of #1.5 million. The small size of the
deficit reflects Company management's accurate reading of the significant
downturn in the markets in which the company operates, as well as the resilience
of the Company's established Business Model. The loss reflects the low level of
development profits currently generated by the business at this stage of the
development cycle in London and the South East.
The Interim Dividend, which has been increased for the eighth successive year to
1.80 pence per share (2002: 1.65 pence), is the single largest element in the
slight decline in Net Asset Value to 420 pence (31 December 2002: 423 pence).
Early this year the Company paid a Special Dividend of 28.5 pence per share,
which was accounted for in 2002, and also bought back #2 million of Ordinary
Shares at an average price of 314.7 pence.
The investment portfolio has been enhanced with #20 million invested into the
retail sector.
* Financial Highlights
30 June 2003 30 June 2002
* (Loss)/Profit before tax (#1.5) million #6.5 million
* (Loss)/Earnings per share (3.9) pence 15.9 pence
* Dividend 1.80 pence 1.65 pence
30 June 2003 31 Dec 2002
* Shareholders' funds #117.9 million # 121.5million
* NAV per share 420 pence 423 pence
* Net gearing 28% Nil
PaddingtonCentral
The 330,000 sq ft first phase office element of this 1.7 million sq ft major,
mixed-use, regenerative development is now complete and fully let. Tenants in
the two office buildings are Visa, Prudential, Kingfisher and WJB Chiltern.
Planning permission for the second phase, comprising a 400,000 sq ft office
building designed by Kohn Pederson Fox, was obtained from Westminster City
Council in June. Commencement of construction of the new phase is subject to
the approval of the project's funding institutions.
333 Oxford Street
This strategically located 78,000 sq ft development, at the junction of Oxford
Street and New Bond Street in London's West End, achieved practical completion
in January. The 35,000 sq ft retail unit was successfully pre-let to Zara but
the office element, despite vigorous marketing, remains unlet. This project was
forward funded by DEKA Immobilien GmbH.
10 St Bride Street
In February, terms were completed for an option to acquire 10 St Bride Street in
the City of London at any time in the next five years. Planning consent exists
for a new development to include 53,000 sq ft of office space and 3,000 sq ft of
restaurant space.
Broughton Park
An outline planning application has been submitted to the Local Authority for a
126,500 sq ft extension to the existing 298,000 sq ft shopping centre as well as
an application for a 350,000 sq ft business park.
Business Parks
The Royals: Construction is on schedule for completion of the first office phase
of 237,000 sq ft in mid-2004.
Cambourne Business Park: Construction activity has proceeded on plan with regard
to the new headquarters and civic centre for South Cambridgeshire District
Council. Practical completion is scheduled for the second quarter of next year.
Investment Portfolio
During the period #20 million was invested in the retail sector, including a
#10.8 million acquisition of eight retail warehouses leased to Carpetworld.
Development Securities is cautiously optimistic that the retail warehouse sector
will out-perform other investment sub-markets in 2003.
The current void rate of the portfolio is 6.5% down from 10% at the end of the
previous financial year.
Board Changes
Roy Dantzic joined the Board on 21 May as a non-executive Director and as of
today becomes Chairman of the Company upon Hugh Jenkins' retirement from the
Board.
Michael Marx, Joint Managing Director of Development Securities PLC, commented:
"Despite the difficult conditions, we are nonetheless well positioned to take
advantage of any upswing in the market. Our balance sheet remains strong and we
have an enviable pipeline of developments and investment opportunities. As a
mark of our confidence, we have declared an increased interim dividend."
Enquiries:
Michael Marx/Julian Barwick
Development Securities PLC Tel: 020 7828 4777
Daniel de Belder
The Communication Group plc Tel: 020 7630 1411
Or visit
www.developmentsecurities.com
Chairman's Statement
The results for the six months to 30th June 2003 are slightly below our
expectations at the commencement of the year. We recorded a loss before
taxation of #1.5 million, compared to a profit of #6.5 million in the first six
months of the previous year. Accordingly, after the purchase and cancellation
of #2.0million of shares in January, shareholders' funds declined by one per
cent to #117.9 million, equivalent to 420 pence per share, from #121.5 million
or 423 pence per share at 31st December 2002.
Market conditions are undoubtedly the worst in the commercial property
development market for 10 years. However, we perceived clear signals of a
downturn some time ago and the Board took early steps to reduce areas of
remaining risk. Whilst this is the first loss recorded for nearly nine years,
our balance sheet remains strong and our risk-averse business model has largely
restricted the impact of the downturn to reduced profit potential rather than
actual losses suffered on development projects. The loss for the six months
arises from the low level of development profits currently generated by the
business. The quantum of the reported loss is minimised, since the investment
property rental stream and project management fees largely meet the outgoings of
the business. This is one of the strengths of our business model.
We remain confident that our risk-averse strategy, robust balance sheet, low
gearing and pipeline of high quality projects leave us well placed for the
future. Accordingly, the Board is pleased to declare a nine per cent increase
in the interim dividend to 1.80 pence per share, to be paid on 29th October 2003
to shareholders on the Register on 3rd October 2003. This is the eighth
consecutive increase in interim distributions since the recommencement of
dividend payments in 1994. Earlier this year, consistent with our long-stated
policy of running an efficient balance sheet, we were pleased to return to
shareholders surplus cash generated from our development programme and, in this
respect, a special dividend of 28.50 pence per share was announced on 19th
February 2003. In addition, in January of this year, we utilised #2.0 million to
buy back 640,000 of our ordinary shares for cancellation at an average price of
314.7 pence per share.
Our balance sheet remains strong even after the special dividend and share buy
back, with net gearing standing at a prudent 28 per cent at 30th June 2003. Our
resources include unpledged cash of #40 million together with #42 million of
unutilised, committed facilities from our relationship bank lenders.
Conditions in the Central London development market today are as challenging as
they were in the early part of the last decade. The significant weaknesses in
the financial services, media and technology sectors are reflected in the high
vacancy rates currently obtaining from the West End of London across to Canary
Wharf in the east. Reflecting both lower levels of business activity and
confidence, rental levels have continued the sharp decline of last year, with no
recovery in sight for at least this year. Whilst the acuteness of the downturn
is clearly to be regretted, it does serve to vindicate our risk-averse approach
to the business of property development. We believe we are now close to the
bottom of the cyclical downturn in Central London and await not only a recovery
in demand, but also a more realistic pricing of potential redevelopment sites.
The present low level of interest rates and the relative lack of distressed
sellers of real estate are likely to make this market adjustment in pricing
slower to achieve than in the early 1990s.
PaddingtonCentral
As shareholders are aware, a very satisfactory conclusion was reached at the
first phase of our flagship PaddingtonCentral project, the 11-acre site
immediately adjacent to Paddington Railway Station. This major, mixed use,
regenerative development in the centre of London will ultimately provide 1.7
million sq. ft. of prime office, retail and leisure accommodation and 210,000
sq. ft. of residential apartments.
In June of this year, we obtained detailed planning approval for the 400,000 sq.
ft. office building to be built on the northern sector of the site. Designed by
Kohn Pederson Fox, this landmark building will benefit from large, flexible
floor plates of up to 38,000 sq. ft. net with full height glazing to all
elevations, a product rarely available in the West End. As I indicated in my
previous report to you, commencement of construction of this building is subject
to the approval of our joint forward-funding partners, Morley Fund Management
and The Equitable Life Assurance Society. Similar approval is awaited with
regard to the extensive work that is required for the piling and decking of the
remainder of the site as a precursor to the Crossrail project.
333 Oxford Street
This strategically located 78,000 sq. ft. development, at the junction of Oxford
Street and New Bond Street in London's West End, achieved practical completion
in January this year. Whilst the 35,000 sq. ft. retail unit was successfully
pre-let last year to Zara UK Limited, the marketing of the 43,000 sq. ft. of
prime office accommodation has coincided with the weakest occupier market in the
West End since the previous downturn, some 10 years ago. The decline in rental
levels has been dramatic in the last year and a half and, whilst there are
tentative tenant enquiries, there is no longer any realistic prospect of this
scheme generating profits for your Company. Nevertheless, we continue to market
the remaining space vigorously, together with our funding partner, DEKA
Immobilien GmbH.
Cambourne Business Park
At our 750,000 sq. ft. business park scheme at Cambourne, near Cambridge,
construction activity has proceeded on plan with regard to the new headquarters
and civic centre for South Cambridgeshire District Council. This facility,
which will further enhance the profile of the location, is being acquired by the
local authority on a turnkey freehold basis. Practical completion of the project
is scheduled for the second quarter of next year. That aside, soft leasing
conditions have continued in the office market, reflecting the challenges that
still remain for us to let the balance of the completed 82,000 sq. ft. of the
second phase of the business park. Similar market conditions extend to the
biotechnology property market, where, before construction begins, we are
continuing to seek a pre-let for the park's 125,000 sq. ft. research and
development phase.
Royals Business Park
Following an agreement in late 2002 with our joint development partners,
Standard Life Investments and the London Development Agency, construction is on
schedule for completion of the first office phase of 237,000 sq. ft. in
mid-2004. The planned #500 million, 50-acre Royals Business Park is the second
of our major regeneration projects in London and will eventually comprise 1.6
million sq. ft. of office accommodation and 100,000 sq. ft. of ancillary and
leisure accommodation. Upon completion, served by a fully-integrated network of
road, rail and air routes, it will be East London's premier business park. The
Thames Gateway, of which the Royals is but one part, is expected to benefit from
a number of significant initiatives, including London's bid for the 2012 Olympic
Games.
Other Business Parks
Whilst we were successful in letting 13,300 sq. ft. at Birmingham International
Square to a major international consultancy firm at #19 per sq. ft, the final
6,925 sq. ft. of this office phase at Birmingham International Park remains on
offer to the market. Elsewhere on the same park, the final 45,000 sq. ft. unit
of the industrial phase is under offer. The successful letting of these two
units would complete our development activity at Birmingham International Park.
At Globeside Business Park, Marlow, only one unit of 38,500 sq. ft. remains to
be let, whilst at Frimley Square Business Park, Frimley, the soft letting
conditions in the occupier market around London are generating only tentative
interest from prospective tenants. Both of these business parks were acquired in
forward-funded partnership with The Equitable Life Assurance Society.
10 St Bride Street, London EC4
Earlier this year we completed terms for an option to acquire 10 St Bride Street
in the City of London at any time in the next five years. Whilst the building is
presently vacant, planning consent exists for a new development to include
53,000 sq. ft. of office space and 3,000 sq. ft. of restaurant space. The
option arrangement provides us with the flexibility to purchase the site when we
feel that market conditions are appropriate.
Broughton Park
We are now approaching an important phase in our strategy for the development of
a significant extension to the 298,000 sq. ft. shopping centre developed by
ourselves a few years ago at Broughton Park, near Chester. We are continuing
our dialogue with the Local Authority for the outline planning application
submitted last year for a 126,500 sq. ft. extension, together with an outline
planning application for a 350,000 sq. ft. business park and an extensive
highways improvement programme.
Together with Pillar Property PLC, with whom we forward-funded the existing
shopping centre, we are currently giving consideration to the possibility of
increasing the proposed size of the extension to reflect the significant tenant
demand that has been created by the success of the initial phase. Furthermore,
we are reconsidering our strategy regarding our outline planning application for
the new business park following the designation by the Local Authority, in their
recently published draft Urban Development Plan, of the relevant 28 acres as
land suitable for residential use.
Unsurprisingly, the increased retail extension scheme currently under
consideration will necessitate revised retail and environmental impact studies
which largely had been completed in support of the original planning application
submitted last year. An additional five acres of land under our ownership have
also been designated in the draft Urban Development Plan as land suitable for
non-retail use.
Slough Town Centre
Together with our partner, Berkeley Homes, we continue to work to finalise the
framework agreement with Slough Borough Council for the 1.4 million sq. ft.
long-term regeneration scheme at the centre of Slough. The development, split
almost equally between office and residential accommodation, will also comprise
200,000 sq. ft. of accommodation for the Council. As soon as joint venture
terms are approved by the Council, we will proceed with an outline planning
application. It is unlikely that the commercial element of this development will
commence until there has been a significant improvement in the office market in
the Western Corridor.
Investment property portfolio
Shareholders will recall that we had approached the present position in the
investment cycle with some degree of caution. Our concerns about the potential
over-supply in Central London were reflected in our decision to eliminate any
investment exposure to the City of London and to retain only a modest
participation in the West End market. Consequently, the recent additions to our
portfolio have reflected an increased weighting to the retail sector,
particularly where asset value is led by a food retail offer. The Kingsland
Shopping Centre, Thatcham, a district shopping scheme anchored by a Waitrose
supermarket, was acquired last year and was followed, in the first half of this
year, by a further shopping centre asset with similar characteristics, at a cost
of #9 million. Gradual reinvestment, at attractive net initial yields, has
continued, following the acquisition in December 2002 of a #3.2 million retail
warehouse in Formby, with a #10.8 million acquisition in June this year of eight
retail warehouses leased to Carpetworld. We are cautiously optimistic that the
retail warehouse sector will out-perform other investment sub-markets in 2003.
Our investment strategy continues to be guided by our three key principles of
sector rotation, stock selection and proactive management. We prefer assets with
active management potential and tend to avoid dry, well-let properties, whose
price currently is largely determined by medium-term interest rates.
Consequently, we are partially hedging our position against any re-rating of
investment values that may be triggered by a possible upward shift in
medium-term rates.
Currently, our investment portfolio sector allocation comprises 42 per cent
retail, 45 per cent office and 13 per cent industrial. Overall, 47 per cent of
the portfolio has unexpired lease terms in excess of 10 years. The current void
rate of the portfolio is 6.5 per cent, down from 10 per cent at the end of the
previous financial year.
Conclusion
I am very pleased to welcome Roy Dantzic as a Non-executive Director. Roy, a
member of the Institute of Chartered Accountants of Scotland, has extensive
experience of the property sector both in an executive and advisory capacity.
He is currently a Non-executive Director of SecondSite Property Holdings Limited
(formerly British Gas Properties Limited) and Airplanes Limited and is on the
Council of the Architectural Heritage Fund. Roy will become Chairman of your
Company upon my stepping down from the Board today and I have no doubt that,
with the benefit of his wide experience, Development Securities will continue to
advance and prosper. For me, it has been both a pleasure and a privilege to
serve the Company and the Board over four successful years and I look forward to
watching further progress, albeit from the sidelines, in the years ahead.
H R Jenkins CBE
17th September 2003
Consolidated profit and loss account
unaudited for the six months ended 30th June 2003
Six months to Six months to Year ended
30th June 30th June 31st Dec
2003 2002 2002
unaudited unaudited audited
Note #'million #'million #'million
Turnover: continuing 8.4 16.4 33.4
operations
Direct costs (4.5) (4.2) (12.6)
Gross profit 2 3.9 12.2 20.8
Net operating (3.1) (3.6) (7.8)
expenses
Operating profit: continuing 0.8 8.6 13.0
operations
(Loss)/profit on (0.1) 0.3 1.8
disposal of fixed
assets
Profit on ordinary
activities
before interest 0.7 8.9 14.8
Net interest (2.2) (2.4) (4.8)
payable
(Loss)/profit on
ordinary activities
before taxation (1.5) 6.5 10.0
Tax on (loss)/profit 3 0.4 (2.0) (2.3)
on ordinary
activities
(Loss)/profit on
ordinary activities
after taxation (1.1) 4.5 7.7
Dividends on equity 4 (0.5) (0.5) (9.4)
shares
Retained (loss)/ (1.6) 4.0 (1.7)
profit for the
period
(Loss)/earnings per 5 (3.9)p 15.9p 26.9p
share
Diluted (loss)/ 5 (3.9)p 15.7p 26.7p
earnings per share
Dividends per share 4 1.80p 1.65p 5.0p
Special dividend per 4 - - 28.50p
share
Consolidated balance sheet
unaudited as at 30th June 2003
30th June 30th June 31st Dec
2003 2002 2002
unaudited unaudited audited
Note #'million #'million #'million
Fixed assets
Investment 6a 119.8 117.5 104.8
properties
Operating 6b 7.2 7.5 7.2
properties
Other tangible 4.0 4.5 4.2
assets
Investments 0.9 1.0 0.9
131.9 130.5 117.1
Current assets
Land, developments and 12.6 9.8 10.3
trading properties
Debtors 22.0 32.5 22.4
Cash at bank and in 44.4 44.4 85.1
hand
79.0 86.7 117.8
Creditors: amounts
falling due within
one year (16.5) (19.2) (29.8)
Net current assets 62.5 67.5 88.0
Total assets less 194.4 198.0 205.1
current liabilities
Creditors: amounts
falling due after
more than one year
Borrowings (76.5) (73.5) (83.6)
Net assets 117.9 124.5 121.5
Financed by:
Capital and
reserves
Called up share 14.0 14.3 14.3
capital
Reserves 109.6 108.9 110.5
Profit and loss (5.7) 1.3 (3.3)
account
Total equity 8 117.9 124.5 121.5
shareholders' funds
Net assets per 420p 434p 423p
share
Diluted net assets 416p 431p 419p
per share
Consolidated cash flow statement
unaudited for the six months ended 30th June 2003
Six months to Six months to Year ended
30th June 30th June 31st Dec
2003 2002 2002
unaudited unaudited audited
#'million #'million #'million
Cash (outflow)/inflow from (4.9) 1.2 22.2
operating activities
Returns on investment and (2.9) (4.2) (4.9)
servicing of finance
Taxation (0.5) (2.2) (4.8)
Capital expenditure and (15.2) 0.1 16.7
financial investment
Equity dividends paid (8.0) - (1.3)
Cash (outflow)/inflow (31.5) (5.1) 27.9
before financing
Financing 13.2 0.1 6.8
(Decrease)/increase in (18.3) (5.0) 34.7
cash in the period
Reconciliation of net cash
flow to movement in net (debt)/funds
unaudited for the six months ended
30th June 2003
Six months to Six months to Year ended
30th June 30th June 31st Dec
2003 2002 2002
unaudited unaudited audited
#'million #'million #'million
(Decrease)/increase in (18.3) (5.0) 34.7
cash in the period
Cash outflow from 13.9 0.5 1.0
reduction in debt
Cash inflow from new - - -
borrowings
Cash inflow from new (6.0) (2.0) (12.7)
borrowings
Cash (inflow)/outflow
from movement
in pledged cash (23.3) 2.7 5.9
Movement in net (debt)/ (33.7) (3.8) 28.9
funds in the period
Non cash adjustment -
Movement in net debt in (33.7) (3.8) 28.9
the period
Net funds/(debt) at 1st 0.3 (28.6) (28.6)
January
Net (debt)/funds at 30th June (33.4) (32.4) 0.3
/31st December
Reconciliation of operating profit to
net cash inflow from operating activities
unaudited for the six months ended
30th June 2003
Six months to Six months to Year ended
30th June 30th June 31st Dec
2003 2002 2002
unaudited unaudited audited
#'million #'million #'million
Operating profit 0.8 8.6 13.0
Loss on disposal of - 0.3 -
tangible fixed assets
Increase in development
and
trading properties (2.3) (0.3) (0.8)
Decrease in debtors 0.8 3.8 14.2
Decrease in creditors (4.6) (11.6) (5.2)
Depreciation 0.4 0.4 0.9
Other items - non cash - - 0.1
Cash (outflow)/inflow from (4.9) 1.2 22.2
operating activities
Analysis of net debt
unaudited for the six months ended
30th June 2003
Balance at Balance at
1st January 30th June
2003 Cash flow 2003
audited unaudited
#'million #'million #'million
Cash at bank and in 57.5 (17.3) 40.2
hand
Bank overdraft (0.1) (1.0) (1.1)
(18.3)
Debt falling due within (1.0) 0.8 (0.2)
one year
Debt falling due after (83.6) 7.1 (76.5)
more than one year
Pledged cash 27.5 (23.3) 4.2
(15.4)
0.3 (33.7) (33.4)
Notes to the interim financial information
unaudited for the six months ended 30th June 2003
1 The results for the year ended 31st December 2002 are an abridged
version of the full financial statements for that year which received an
unqualified audit report from the auditors and which have been filed with the
Registrar of Companies. The results for the six months to 30th June 2003 and
2002 are unaudited and do not constitute the Group's statutory accounts.
The results have been prepared using accounting policies consistent
with those adopted for the financial statements for the year ended 31st December
2002.
2 Analysis of gross profit:
Six months to Six months to Year ended
30th June 30th June 31st Dec
2003 2002 2002
unaudited unaudited audited
#'million #'million #'million
Net rental income 3.3 3.8 7.3
Net operating property income - (0.2) 0.3
Project management fee income 0.4 0.6 1.0
3.7 4.2 8.6
Land,developments and trading
properties 0.2 8.0 12.2
3.9 12.2 20.8
3 The tax credit for the period of #0.4
million represents a deferred tax asset arising on the loss before tax of #1.5
million.
4 The Board has declared an interim dividend of 1.80 pence (30th June
2002: 1.65 pence, 31st December 2002: 3.35 pence ordinary dividend, 28.50 pence
special dividend) per Ordinary share, payable on 29th October 2003 to Ordinary
shareholders on the Register at the close of business on 3rd October 2003.
5 Earnings per share and diluted earnings per share have been
calculated based on the (loss)/profit on ordinary activities after taxation
divided by the weighted average number of shares:
Six months to Six months to Year ended
30th June 30th June 31st Dec
2003 2002 2002
unaudited unaudited audited
#'million #'million #'million
(Loss)/earnings (#' (1.1) 4.5 7.7
million, basic and
diluted)
Weighted average 28.1 28.4 28.5
number of shares
(million, basic)
Basic (loss)/ (3.9) 15.9 26.9
earnings per share
(pence)
Weighted average 28.2 28.6 28.7
number of shares
(million, diluted)
Diluted (loss)/ (3.9) 15.7 26.7
earnings per share
(pence)
6 a) Investment Properties
Investment properties at 30th June 2003 are stated at the valuations
incorporated within the financial statements for the year ended 31st December
2002 or at cost where acquired subsequently. The movement in investment
properties for the six month period ended 30th June 2003 was:
Long
Freehold Leasehold Total
#'million #'million #'million
At 1st January 2003 88.7 16.1 104.8
Additions 18.9 - 18.9
Disposals (0.3) (3.6) (3.9)
At 30th June 2003 107.3 12.5 119.8
Interest of #0.3 million has been capitalised in the six months
ended 30th June 2003 (30th June 2002: #0.2 million).
b) Operating Properties
Operating properties at 30th June 2003 are stated at the valuations incorporated
within the financial statements for the year ended 31st December 2002, or at
cost where acquired subsequently, less depreciation where material. The movement
in operating properties for the six month period ended 30th June 2003 was:
Long Short
Freehold Leasehold Leasehold Total
#'million #'million #'million #'million
At 1st January 2003 4.2 1.5 1.5 7.2
Additions 0.1 - - 0.1
Depreciation charge for the (0.1) - - (0.1)
period
At 30th June 2003 4.2 1.5 1.5 7.2
7 At 30th June 2003, an external valuation, undertaken by J C Rathbone
Associates Limited, appraised the market value of the Group's fixed rate debt on
a replacement basis, taking into account the difference between fixed interest
rates for the Group's borrowings and the market value and prevailing interest
rates of appropriate debt instruments, resulting in a negative fair value
adjustment before tax of #16.2 million (30th June 2002: #12.4 million, 31st
December 2002: #15.9 million) at that date. The valuation, which is subject to
daily fluctuations in line with money market movements, is only an indication of
the notional effect on the net asset value of the Group at 30th June 2003 and is
not recognised in the balance sheet.
8 The reconciliation of movement in total equity shareholders' funds is
set out below:
Six months to Six months to Year ended
30th June 30th June 31st Dec
2003 2002 2002
unaudited unaudited audited
#'million #'million #'million
(Loss)/profit on ordinary (1.1) 4.5 7.7
activities after taxation
Dividends on equity shares (0.5) (0.5) (9.4)
Retained (loss)/profit for the (1.6) 4.0 (1.7)
period
Surplus on revaluation of the - - 2.6
property porfolio
Purchase of own shares (2.0) - -
Issue of new shares - 1.2 1.3
Net movement in total equity (3.6) 5.2 2.2
shareholders' funds
Opening total equity 121.5 119.3 119.3
shareholders' funds
Closing total equity 117.9 124.5 121.5
shareholders' funds
9 Statement of total recognised gains and losses:
Six months to Six months to Year ended
30th June 30th June 31st Dec
2003 2002 2002
unaudited unaudited audited
#'million #'million #'million
(Loss)/profit on ordinary (1.1) 4.5 7.7
activities after taxation
Unrealised surplus on - - 2.6
revaluation of property
portfolio
Total recognised gains and (1.1) 4.5 10.3
losses for the period
10 The interim report will be sent to all holders of the Company's
listed securities and will be available to members of the public at the
Company's registered office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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