StockMarketWire.com - Property investment group London & Associated narrowed losses in the first half of the year, amid improving rent collections and ongoing cost cuts.

For the six months ended 30 June, pre-tax losses narrowed to £0.9 million from £2.9 million year-on-year.

The company said its property portfolio was seeing improved performance with occupancy levels of 95.4% by rental income, up from 92.0% last year.

'While this has been a difficult period, we are beginning to see the light at the end of the tunnel. As we have stated rent collection is improving strongly and we are making real progress in diversifying our portfolio into non-retail areas,' the company said.

'At the same time great strides have been made, and are continuing to be made, in reducing our cost base and returning to profitability,' it added.


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