Safeland FY revenue up but profit down

22nd Aug 2016 09:23

(ShareCast News) - AIM-listed property developer Safeland said on Monday that revenue rose in the year to the end of March, but pre-tax profit fell and the company warned it has entered "an extremely volatile environment".Group revenue in the period increased to £21.1m from £10.3m in 2015, with gross profit of £7.1m from £2.8m.However, operating profit fell to £5.9m from £6.9m and pre-tax profit declined to £6.1m from £6.7m. The company said the value of its trading stock rose to £14.8m from £12.7m, while net assets rose from £14.8m to £17.7m, albeit with fewer shares in issue following the buyback and cancellation of shares in the year.Total shareholder returns decreased from 150.2% in the year ended 31 March 2015 to 16%, as the previous year included the benefit of the sale of Chandos Tennis Club and the dividend in specie from Safestay."We have entered an extremely volatile environment, therefore shareholders should be aware that as an opportunistic trading and investment company, turnover and profit flow can fluctuate significantly," the group said."We shall continue to monitor the market closely and, as always, seek to take advantage of any opportunities as they arise."At 0932 BST, shares were down 6.3% to 60p.