CLS profits grow on the back of strong UK performance (UK)

CLS Holdings PLC, a developer and manager of commercial properties, saw pretax profits in the six month period to June 30 increase to 8.0 mln stg from 7.7 mln, helped by a strong performance of its UK properties.

The portfolio held by the company was revalued upwards by 10.4 mln stg during this period, however, this excludes the potential of the London Bridge sit which has recently been granted planning permission.

The total value of the portfolio is 918.5 mln stg.

CLC said ´significant´ lettings have been agreed in the UK, particularly at Spring Gardens, One Leicester Square and the Vista Office Centre in West London

Income from rent increased to 32.2 mln stg from 31.6 mln.

Three new properties were bought in Luxembourg, Paris and London totalling almost 16 mln stg while in Paris, the company sold Seine Défense for 7.4 mln stg.

The investment division successfully floated Amino Technologies PLC and Note AB with a market value of 8.5 mln stg and 1 mln stg, although these figures were not included in the interim results.

CLS is to offer shareholders 6.4 mln stg by way of a tender offer buy-back, an equivalent to a dividend of 7.5 pence per share.

Looking ahead, the company said it has a strong financial platform from which it expects to generate further growth in profits.
Source: Freeman

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