FINANCIAL (OVERVIEW)
Consistent progress has seen a significant increase in investment income with low voids, a number of new lettings, good existing tenant retention and the exchange of an agreement to lease with Iron Mountain, representing Tilfen Land’s largest single development transaction.Results
Tilfen Land has continued to make progress this year against a deteriorating market background.
Net asset value has fallen to £116.7 million (£131.2 million) largely as a result of a 14.5 per cent fall in the value of our investment portfolio which is independently valued by CBRE. The effect of rising valuation yields was partially offset by rental performance, where £446,000 per annum was achieved above our budgeted figure. The increase of budgeted rental was partly due to new lettings and partly to void allowances not being utilised due to high levels of tenant retention.
Our net profit before tax (prior to shareholder distributions and exceptional items) was £5.3 million. During the year shareholder distributions of £3.486 million were made.
Future Strategy
Our future strategy is to run a balanced and sustainable business focused on continuing to increase our investment income which will support our development activities, both by appropriate acquisitions in the market and retention in the investment portfolio of suitable completed development stock.
