LONDON (ShareCast) - AIM-listed property-dealing minnow CW Residential nearly trebled its profits in the six months to the end of June. It said current trading was encouraging and that it was well placed to take advantage of investment and development opportunities.
For the six months to June 30, the group made a pre-tax profit of £377,715, up from £130,899 a year earlier. Turnover rose to £1.55m compared with £670,305. The net asset value per share rose to 128.2p from 110.2p at the end of June 2001.
The interim dividend was increased to 1.35p per share from 1.2p, and the company reported earnings per share for the period of 6.64p against 2.51p in the previous first half.
Chairman Robert Dory said the group's liquidity had substantially improved over the period. All borrowings had been repaid and the group had about £1m on deposit.
CW Residential shares were unchanged at 89.5p at the start of today's trading, valuing the company at £4m.