Halladale Group plc yesterday presented the Group's Preliminary Results for the year ended 30 April 2005.
- Significant year of advance with all key performance indicators increasing
- Profit before tax increased by 50% to £3.92m (2004: £2.61m)
- Total purchase and sale transactions in the period more than doubled to £347m (2004: £155m)
- Progressive dividend policy continued with 38% increase in total dividend to 2.9p (2004: 2.1p) following recommended final dividend of 1.9p
- 4% increase in undiluted earnings per share of 10.42p (2004: 9.99p)
- Proforma triple NAV increased by 10% to 90.9p per share (2004: 82.5p)
- Significant expansion of co-investment activities where value of properties increased to £388m (2004: £162m) and launch of two co-investment funds - CReAM and Nelson - in the period
- Successful completion of two major fundraisings totalling £28.3m, of which £13.4m was raised post year end, enabling future expansion of development and on-balance sheet activity
David Lockhart, Chief Executive of Halladale Group plc, said:
"With Halladale continuing to advance year on year, I am pleased to report increases across all of our key performance indicators. As an asset backed earnings-focused business I am delighted with the 50% increase in profit before tax and the 38% increase in the recommended total dividend. Even compared to previous years, the period under review has been an extremely busy one driven by the intense, professional hands-on approach of the management team.
"Property was again the top performing asset class in 2004 producing healthy double-digit returns. Following successful fundraisings, Halladale has a significantly strengthened investor base and balance sheet which will further drive our core strategy of entrepreneurial asset management, risk controlled development and expanding co-investment activities to deliver enhanced returns to our shareholders."