FINANCIAL RESULTS SIGNAL TILFEN LAND IN STRONG POSITION FOR AN EMERGING MARKET
Date:
16/11/2009
FINANCIAL RESULTS SIGNAL TILFEN LAND IN STRONG POSITION FOR AN EMERGING MARKET
Tilfen Land has announced its latest set of financial figures and, despite difficult trading conditions, has delivered another solid performance.
For the year to March 31, the property investor and developer based in the Thames Gateway, recorded a net profit before tax shareholder distributions and exceptional items of £5.2 million from a turnover of £16.8m.
Turnover included £7.1m from its Investment properties (more than £400k above the income anticipated) and £5.4m from its landfill site, having secured large amounts of material from the Olympic construction project.
William McKee CBE, chairman of Tilfen Land, says: “Whilst the property market and general economic outlook have deteriorated significantly during the year under review, Tilfen Land remains a business in good shape.
“We have worked hard to maintain our investment income, have rationalised our overheads, reduced our debt and, significantly, are now well-placed to identify new purchases capable of contributing positively to the business.”
Tilfen Land’s net asset value fell to £84.6 million (from £116.6 million) largely due to a 26 per cent fall in the value (independently valued by CBRE) of the company’s investment portfolio. Despite this, the company out-performed the IPD index by some 4.5 per cent durng the year.
The year also saw some significant business milestones, including the funding and completion of the company’s single largest development (205,000 sq ft of space on the White Hart Triangle development let on two leases to Iron Mountain – the global information management and data protection services business) and the securing of a new banking facility of £40 million with the Royal Bank of Scotland.
Nigel Houston, Tilfen Land’s chief executive officer, says: “We are now in a strong position with £15.9m of cash available. And with only £10.3m of a £40m debt facility utilised, we have the ability to potentially gear into a market off a low value base in anticipation of future recovery”.
The company announced distributions to its shareholders of £4.4 million, up from £3.5 million the previous year.
-ends-
Press enquiries to David Leck at Tilfen Land on 01322 582580/07710 323256.
Visit Tilfen Land online at www.tilfenland.co.uk
November 16, 2009
NOTES TO EDITORS For hard copies of the annual report, PDF files or photos please contact David Leck on 01322 582580/07710 323256.
