Safeland outlook looking stronger after year of progress

19th Aug 2014 13:38

Safeland shares were higher on Tuesday after the group told investors its near term outlook was "at its strongest for some considerable time". The property market operator explained that the improved outlook was thanks to a number of developments that it is about to complete following a year of "significant progress". Safeland said revenue for the year had risen from £8.59m to £10.41m, although thanks to higher finance costs and an exceptional profit in the previous year, profit dropped from £1.03m to £0.90m. Turnover was driven by development properties, rental income, management fees, as well as the hotel operation purchased during the year. During the 12-month period the net asset value per share climbed 11% from 57p to 63p, while the total shareholder return jumped from 6.1% to 86.7%, after the group made its offered a dividend payment following the demerger of its joint venture in May. "We have made significant progress with our existing developments and we were able to acquire additional sites in the year which we anticipate will generate future positive return," the group said. It also announced that it had obtained a residential consent under permitted development rights for part of a property in Wimbledon that was acquired by the group in 2013. It intends to turn the property into 31 residential units for onward sale.The share price had climbed 13.41% to 46.50p by 12:12.NR