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Property investor Panther Securities swung to a full-year loss, owing to a fall in the value of its portfolio.
Pre-tax losses for the year through December amounted to £5.0m, compared to a profit of £8.7m on-year.
Rental income rose to £14.2m, up from £13.6m, despite the company having sold over £40m of property during the previous year.
Panther Securities declared a final dividend of 6p per share.