Panther Securities Expects Swing To Big Annual Profit, Shares Rise

LONDON (Alliance News) - Shares in property investor Panther Securities PLC rose Wednesday as the company said it expects to return to profit in 2017, having posted a loss the prior year.

Shares were up 11% on Wednesday at 340.00 pence each.

Panther expects to record profit after tax for 2017 of around GBP20.0 million, having posted a loss of GBP953,000 in 2016. The expected profit is due to an independent revaluation of its entire portfolio, increasing the value by around GBP16.0 million.

Interest rate swaps liability at the end of 2017 showed a positive movement of around GBP2.0 million over the year, and it expects a profit of around GBP1.0 million from the sale of property.

This does not include any profit from the sale of Holloway Head, in Birmingham. The contract for completion has been extended to the end of March, and a further GBP3.8 million of profit would be booked if this sale is completed in time.