Ashtenne Holdings plc (“Ashtenne”), the quoted property investment and active management specialist, announces preliminary results for the year ended 31 December 2004.
- Record profit before tax – up 132% to Â£73.9 million (2003: Â£31.8 million)
- NAV up 37% to 427p (2003: 312p)
- Cash balance Â£102 million with borrowings of only Â£15 million (2003: gearing 22%).
- Disposals of InShops, Port of Boston and the majority of directly owned investment properties
- Return of Capital of Â£142 million to shareholders
- 1 for 2 share consolidation
James Hambro, Chairman, commented:
“In many respects we see last year as the realisation of the work done on many of the projects and initiatives of the last few years. Apart from being a year of extraordinary profits and growth, 2004 has left Ashtenne a simpler and more transparent business going into 2005.”