StockMarketWire.com - Circle Property says its maiden results for the four months to the end of March reflect growing momentum after its successful flotation.

Circle successfully listed on AIM on 16 February with the stock being taken up at a price of £1.49 which reflected the full net asset Value at that time.

Circle says the performance of the company since its incorporation in December 2015 and subsequent admission to AIM in February 2016 reflects a solid start. The company says it is well positioned to provide shareholders with a progressive dividend yield as core assets produce stable long-term income together with an appreciation in capital value.

In the period from incorporation, profit before tax £1.1m, which reflects basic earnings per share of 3.8p.

On 16 May the Company paid a maiden dividend of 2.4 pence per share, based on performance to 31 March 2016, the Company's financial period end, while acknowledging that the Company had only been in existence for four months.

At 31 March 2016 the market value of the Group's investment property portfolio was £77.73m.

Net Assets attributable to shareholders at 31 March was £43.2m which reflects a NAV per share of £1.53p.

Non-executive chairman Ian Henderson said: "The Executive team is well experienced in dealing with difficult times having successfully brought Circle Property Unit Trust through the market recession of 2008. Although our team is small they are working hard to identify the right opportunities and secure funding and on this note we are very pleased with the recent success in securing a significant line of debt funding from our bankers."

Chief executive John Arnold added: "Since listing on AIM earlier this year, we have made solid progress and remain optimistic that the economy has the strength to withstand the short term stresses and strains imposed by the prospect of leaving the European Union, and that demand will continue for good quality offices at economic rents in the right locations." "The fundamentals for Circle Property Plc remain attractive, given the continuing strength in provincial offices which the Company holds at reversionary rents, principally let to strong covenants in prime locations and the earnings generated by the developments in progress, and we look forward to continuing to progress and source both value and income accretive opportunities for our shareholders."










Story provided by StockMarketWire.com