Terrace Hill’s full year results show increased profitability
Terrace Hill Group’s EPRA net asset value per share increased by 0.7 per cent to 28.3p (30 September 2011: 28.1p) while EPRA triple NAV per share increased by 1.1 per cent to 26.8p (30 September 2011: 26.6p), according to the firm’s full-year results.
Revenue profit, meanwhile increased 110 per cent to GBP11.8m (2011: GBP5.6m), IFRS profit before tax totalled GBP1.8m (30 September 2011: loss of GBP10.2m), and IFRS net assets increased to GBP50.2m at 30 September 2012, up from GBP48.1m at 30 September 2011.
The group has also made good progress on strategy of reducing its level of debt, with net debt reduced by GBP4.2m to GBP47.2m during the period, and the EPRA gearing percentage of 78.2 per cent at 30 September 2012, down from 86.0 per cent at 30 September 2011.
Robert Adair, chairman of Terrace Hill, says: “The past year has seen good progress on all operational and financial fronts. I am increasingly confident that the combination of the strength of our development business and our skill at dealing with non-core assets will continue to drive further growth in shareholder value.”
Philip Leech, chief executive of Terrace Hill, adds: “2012 has been a very active year for Terrace Hill during which we have progressed numerous foodstore developments, as well as new opportunities in the student accommodation, leisure and central London office sectors. This activity has translated into a good financial performance and we are confident of maintaining this positive momentum going forward.”
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