StockMarketWire.com - Property investor Palace Capital returned to the black in the first half, thanks to development profits, leasing activity, property valuation increases and profits on disposals.

Pre-tax profit for the six months through September amounted to £8.0 million, compared to a year-on-year loss of £7.2 million.

The company declared an interim dividend of 6.25p per share, up from 5.0p year-on-year.

It said 97% of rents had been collected for the June quarter and 90% of all rents due on and since the September quarter were collected, both higher than the equivalent quarter in 2020.

This was expected to increase to 95% when the monthly payments for December were received, the company said.


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