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A&J Mucklow finals fail to inspire

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    Date: Wednesday 06 Sep 2006

    LONDON (ShareCast) - A&J Mucklow said it remains positive about future prospects as the property group reported upbeat final figures today, although adjusted profit before tax was little changed form last year.

    Pre-tax profit for the year ended 30 June soared to £36.4m from £9.4m a year ago on, with net assets up to £215.7m from £193.1m last time.

    Adjusted pre-tax profit, excluding gains on the revaluation of the investment property portfolio, profit on the disposal of investment properties and the premium on redemption of debenture stock was £12m versus £11.9m in 2005.

    Adjusted net asset value per share was up 14.8% to 441p, with the key driver for asset growth during the year coming from a further reduction in property yields.

    This is mainly due to strong Institutional demand and a shortage of quality investment stock, said the group.

    Looking ahead, it said the strength of the investment market is showing no signs of subsiding as many institutional investors remain underweight in commercial property.

    With the introduction of REITs next year, the demand for good quality, investment property is likely to continue, it added.

    The final dividend of 7.48p per share, makes a total for the year of 13.71p, an increase of 7.4% over last year's total of 12.76p.