LONDON (Alliance News) - Safeland PLC Friday reported a rise in profit in its recently-ended financial year, despite a slip in revenue, as it profited from the sale of the Chandos Tennis Club.
The property company reported a rise in pretax profit in the year ended March 31 to GBP6.7 million, a huge improvement on the GBP903,000 profit it made the prior year, even though revenue fell slightly to GBP10.3 million from GBP10.4 million.
It said the increase in profit resulted from its disposal of the Chandos Tennis Club in November.
Safeland will pay a final dividend of 1.75 pence per share.
"We remain confident that our recent and planned property developments combine to make the outlook positive for shareholders. The property market in and around London remains buoyant. Therefore, while we are mindful of potential increases in interest rates and the possible impact on London real estate of stock exchange uncertainty and the financial crisis in Greece, we view the year ahead with confidence," Managing Director Larry Lipman said in a statement.
Shares in Safeland were trading up 15% at 67.00p following the announcement Friday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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