Minerva plc, the FTSE 250 property investment and development company, today announces its preliminary results for the 6 months ended 31 December 2004.
Core real estate business
Net rental income increased by 7.2 per cent to Â£27.4 million (2003: Â£25.5 million).
Profit before tax from Minervaâs core real estate business of Â£1.3 million (2003: Â£0.6 million).
Net investment in, and loan to, Scarlett Retail totalling Â£21.9 million written off. No further adverse impact expected.
Loss before tax of Â£20.6 million (2003: Â£4.4 million), following the Scarlett Retail write-off of Â£21.9 million.
Net asset value of 365.0 pence per share (June 2004: 379.5 pence per share).
Interim dividend for the period increased by 1.9 per cent to 1.09 pence per share (2003: 1.07 pence).
Cash reserves of Â£85.2 million (June 2004: Â£103.9 million).
Unlocking value from development assets through a combination of pre-lettings, joint ventures and non-recourse finance.
Selective disposal of investments and reâ"investment of proceeds.
Strengthening Board with key appointments at both executive and non-executive levels.
Clearer reporting of key elements of business.
Changes to the Board of Minerva plc
Andrew Rosenfeld will become Executive Chairman on 31 March 2005 following the retirement of Sir David Garrard.
A search for a new Chief Executive will begin immediately.
Ivan Ezekiel, Minervaâs Chief Financial Officer, will be appointed to the Board on 31 March 2005 as Finance Director.
Andrew Rosenfeld, Chief Executive of Minerva, said:
âMinerva is entering a new era and, to reflect this, we are taking steps to strengthen the Board at both executive and non-executive levels, focusing on a fresh approach to unlocking value from our investment and development assets, driving the business forward across a broad range of property activities. David has made an immeasurable contribution as a founder and chairman of Minerva. We wish him every happiness as he retires and concentrates on his public and charitable commitments.â
Source: Minerva plc