Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Office assets developer Circle Property reported a slump in profit as lower revaluation gains of its properties offset a rise in rental income.
For the year ended 31 March 2020, pre-tax profit fell to £5 million from £15 million year-on-year, while total income rose to £10 million from £8 million.
Gains on revaluation of investment properties fell to £2.5m from £12.6 million.
Net asset value per share rose 3% to £2.85.
The company proposed a final dividend of 2p per share, bringing the total annual dividend to 5.3p per share.
Post year-end, both 'the investment and letting markets have been affected by the COVID-19 pandemic with much quieter activity in both markets being reported,' the company said.
Rent collection for both March and June 2020 quarters was 91% and 87% respectively, the ocmpany said.
Looking ahead, Circle Property said 'confidence in outlook [was] based on flexibility of regional commercial property portfolio and the team's expertise in extracting both income and capital value.'