Safeland swings to H1 loss, cans interim dividend

21st Nov 2016 12:13

(ShareCast News) - Property trading and investment company Safeland has turned in a first-half pre-tax loss of £0.4m, from a profit of £4.3m a year ago. There was no interim dividend, from 1.5p a share last year.Its net asset value per share rose to 111.7p at 30 September, from 110.7p in the year-earlier same period.Safeland said during the period it sold the second of two properties located in Golders Green, London, and obtained a planning consent for its Muswell Hill hotel property for conversion into 18 flats ranging from 1-3 bedrooms.The hotel ceased operation in August 2016 and construction has commenced on site, with completion anticipated to take place in the second half of 2017, the company said."An announcement was made in December 2015 regarding the purchase of a substantial house in Hampstead Garden Suburb for redevelopment," it added in a statement."This is nearing completion and contracts have been exchanged for its sale with completion anticipated in the second half of this financial year."Safeland said that, as previously stated, the market has been constrained by the economic and political outlook, which was creating a very cautious environment."We continue to pursue acquisition opportunities whilst continuing to add value to existing stock held through planning or development," Safeland said."The Board is confident that it has the skills necessary to make selected acquisitions in the current market, but is being extremely selective until there is further clarity as to the general outlook."At about 12:10 GMT, shares in AIM-quoted Safeland were down 7.86% to 41p each.