The Company’s accounts were transformed by the impact of the sale of Development House - Net Asset Value (NAV) increased from £21.3 million to £42.5 million.
Profit from Ordinary Activities increased by 20%, while their underlying Operating Profit was similar to the previous year on a like-for-like basis. Interest costs were £132k lower than in the previous year as debt was paid down following the sale of Development House and interest costs of £122k were capitalised against the redevelopment of The Green House.
In April 2016, a dividend of 2.2 pence per share was paid, in line with forecasts. In October 2016 they also paid an interim dividend of 1.0 pence per share, ahead of the full year’s results. The final dividend will be announced at the AGM in March 2017.