Safeland's loss widens amid 'constrained' market conditions

17th Dec 2018 13:16

(Sharecast News) - Safeland's shares fell on Monday after the property investment firm's interim losses widened on the back of a "constrained" market and five property sales in London.For the six months ended 30 September, losses before tax more than doubled to £0.5m as revenues shrank 31% to £2m.Net asset value per share was 140.2p at the period-end, up from 129.3p a year ago but down compared to 144.6p reported at 31 March due to the sale of five properties in North London during the period."The market continues to be constrained by the current economic and political outlook. However, we continue to pursue acquisition opportunities whilst continuing to add value to existing stock held through planning or development," said a statement from Safeland.The AIM-listed company took possession of four houses as part and final consideration for the sale of the Chandos Tennis Club and acquired a golf club in Woldingham, Surrey, for £1.1m in cash during the current period.Safeland said it intends to invest in the club's existing facilities to enhance its appeal to both existing and new members.At 30 September, cash and cash equivalents stood at £0.5m, down from £2.2m at the same point last year."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 economic and political outlook," said Safeland.Safeland's shares were down 8.60% at 42.50p at 1258 GMT.