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A & J Mucklow First-Half 2010 Pretax Profit Plunges 75 Percent

Feb. 23 (Bloomberg) -- A & J Mucklow Group Plc, a U.K. commercial real-estate investment and development company, said first-half 2010 pretax profit fell 75 percent as revenue dropped and after a one-time revaluation a year earlier.

Profit for the six months ended Dec. 31 fell to 4.8 million pounds ($7.8 million) from 18.8 million pounds a year earlier, the company said in a Regulatory News Service statement. Revenue declined 15 percent to 8.8 million pounds.

“We remain positive about prospects for the full year and intend to pursue the same strategy of keeping voids and operating costs under control,” the company said in the statement. “We have already seen a slight improvement in the occupier markets and are aware of a number of serious requirements in the market.”

In the same period last year the company benefited from an 11.6 million pounds revaluation surplus. Net rental income related to investment and development properties in the first half increased 6.9 percent to 8.5 million pounds. The company raised its interim dividend to 8.27 pence per share from 8.03 pence a share a year earlier.

To contact the reporter on this story: Colm Heatley in Belfast at cheatley@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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