LONDON - The Cardiff Property PLC, a company specializing in property investment and development in the Thames Valley, released its preliminary results for the year ended September 30, 2024. The Group, which includes the subsidiary Campmoss, reported a net asset increase and a slight growth in profit before tax.
The company's net assets rose to £30.42 million, marking a 3.1% increase from the previous year's £29.98 million. This growth is reflected in the net assets per share, which climbed to £29.31 from £28.44. Profit before tax saw a modest rise to £1.4 million from £1.3 million in 2023.
Chairman Richard Wollenberg noted the slow pace of recovery in the Thames Valley commercial property market. Despite this, the Group's retail portfolio, mainly located in Bracknell and Egham, has shown resilience with minimal tenant turnover. Lease renewals have been agreed at existing levels, benefiting from fixed annual rental increases previously agreed upon.
The Group's total property portfolio, including the jointly controlled Campmoss group, maintained its previous year's valuation of £22.9 million. The Chairman also highlighted that the Group's financial position is strong, with adequate facilities and resources to complete ongoing works, and cash balances held on instant or short-term deposit.
A final dividend of 17.0p per share was recommended, bringing the total dividend for the year to 23.5p per share, a 6.8% increase. The final dividend is set for payment on January 31, 2025, to shareholders registered as of January 18, 2025.
The report also mentioned the Group's focus on environmental, social, and governance (ESG) issues, with particular emphasis on providing sustainable and energy-efficient buildings.
Looking forward, the Chairman expressed caution due to the impact of recent budget and financial statements on the property market, suggesting that major reductions in interest rates might take longer than anticipated.
This summary is based on a press release statement and aims to present a concise overview of The Cardiff Property PLC's preliminary results for the year ended September 30, 2024.
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