F&C Commercial Property Trust interim profit declines

27th Aug 2015 09:58

(ShareCast News) - Investment group F&C Commercial Property Trust reported a decline in interim profit.In the six months to 30 June, the group posted a 16.5% year-on-year decline in pre-tax profit to £78.8m, while total revenue declined 17.5% year-on-year to £90.8m.The FTSE 250 group said unrealised gains on revaluation of investment properties fell 30.1% from the corresponding period in the previous year to £57.45m, while net asset value total return was 8.2%."The UK commercial property market has continued to deliver strong positive returns, led by the investment market but also benefiting from a growing economy and an improving occupational market, as the recovery spreads beyond London and into the regions," said group chairman Chris Russell."Rental growth is now being recorded in most parts of the market, with London leading the way. The office and industrial sectors have generally out-performed the retail sector outside London."The group said it will pay a fourth interim dividend of 0.5p per share.F&C shares were up 0.21% to 145.40p at 1041 BST on Thursday.