Ashtenne Holdings PLC ('Ashtenne'), the quoted property investment and active management specialist, announces that, compared to the same period last year, pre-tax profit is up 29.6% to £5.74 million, having consolidated both its mixed-use property portfolio, and its fund management activities.
Ashtenne Holdings PLC Interim Results for the six months to 30th June 2002
23 September 2002
Pre-tax profits up 29.6%
Ashtenne Holdings PLC ('Ashtenne'), the quoted property investment and active management specialist, announces that, compared to the same period last year, pre-tax profit is up 29.6% to £5.74 million, having consolidated both its mixed-use property portfolio, and its fund management activities.
FINANCIAL HIGHLIGHTS
 Profit before tax up 29.6% to £5.74 million (2001: £4.43 million)
 Dividend increase of 6.1% to 3.5p per share (2001: 3.3p per share)
 Net gearing reduced to 16% (December 2001: 17%)
CORPORATE HIGHLIGHTS
 Properties owned or under management grown to £559 million (2001: £460 million) with an annual rent roll of £49 million
 £53 million purchase from Yorkshire Forward, the regional development agency
 Two new regional offices opened in Doncaster and York
James Hambro, Chairman, commented: 'Ashtenne´s fund management activities, which were started in 2001, have developed well and been broadened with the announcement that Hermes has invested in the fund. The Board believes that this business will produce quality earnings for the foreseeable future.
'The focus on more complex, management intensive acquisitions in the direct Ashtenne business has resulted in the purchase of a number of interesting assets. These have the potential to produce significant returns over the next couple of years. In addition, as a consequence of reduced borrowings, Ashtenne has very considerable financial capacity available to take advantage of opportunities as they arise.'
For further information:
Morgan Jones/Ian Watson
Joint Chief Executives
Ashtenne Holdings PLC
Tel: 020 7930 9425
