- Office assets developer Circle Property reported a slump in profit as lower revaluation gains of its properties offset a rise in rental income.

For the year ended 31 March 2020, pre-tax profit fell to £5 million from £15 million year-on-year, while total income rose to £10 million from £8 million.

Gains on revaluation of investment properties fell to £2.5m from £12.6 million.

Net asset value per share rose 3% to £2.85.

The company proposed a final dividend of 2p per share, bringing the total annual dividend to 5.3p per share.

Post year-end, both 'the investment and letting markets have been affected by the Covid-19 pandemic with much quieter activity in both markets being reported,' the company said.

Rent collection for both March and June 2020 quarters was 91% and 87% respectively, the company said.

Looking ahead, Circle Property said 'confidence in outlook [was] based on flexibility of regional commercial property portfolio and the team's expertise in extracting both income and capital value.'

Story provided by