StockMarketWire.com - Property investor Conygar Investment Company booked a deeper annual loss after it wrote down development costs associated with land in Wales.

Pre-tax losses for the year through September amounted to £13.9m, compared to losses of £3.8m on-year.

The company had reported a write down of £18.6m in the first half at its Haverfordwest, Anglesey asset in Wales.

Conygar reiterated that it was continuing with plans to build the first phase of houses at the site, but demand from major housebuilders and potential homeowners had been much lower than expected.

'These market conditions, along with the increasing costs of construction, have resulted in us re-evaluating the project and have given rise to the writedown,' Conygar said.

'Despite this negative, the group has made good progress on the rest of the portfolio.'


At 2:01pm: [LON:CIC] Conygar Investment Company The PLC share price was +1p at 137.5p



Story provided by StockMarketWire.com