StockMarketWire.com - Daejan Holdings said Wednesday first-half profits were underpinned by portfolio revaluation gains, but expressed caution about its UK Business amid worries over the impact of Brexit.

For the six months ended 30 September, pre-tax profits rose 7.9% to £61.1m driven by a valuation gain on investment properties of £32.5m, up 10% on last year.

The upbeat performance was also supported by net rental & related income growth from investment property of £36.95m, up 14% from a year earlier.

'We continue to see some increase in rental income in the UK and USA, primarily driven by the letting of completed development projects, the company said.

The company declared an interim dividend of 35p a share.

The company warned that economic uncertainty from Brexit led to reduced forecasts for economic growth, which combined with other factors would provide a 'challenging environment' for its UK business.

'In the USA the economic outlook is more encouraging and should provide a positive environment to grow our business,' the company added.




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