May 25 (Bloomberg) -- Quintain Estates & Development Plc rose to the highest in more than a year in London trading after the urban regeneration specialist said the value of its two London projects increased in the fiscal second half.
The shares rose as much as 8.8 percent to 52.75 pence, the highest since May 12 last year, and were up 2.5 pence, or 5.2 percent, at 51 pence at 12:58 a.m.
The real estate around Wembley stadium, where the local municipality is building a new town hall, increased 1 percent in the six months ended March 31, Quintain said in a statement today. Property values on the Greenwich Peninsula increased 2.7 percent in the same period, the company said. Values fell in the previous six months.
“It feels increasingly like Quintain’s time is coming,” Osmaan Malik, an analyst at JPMorgan Chase & Co. who rates the stock “neutral,” said in a note to investors today. “It is now just up to management to deliver on its targets.”
The developer is seeking to double its assets under management to 2 billion pounds ($3.3 billion) by 2013 to increase revenue and lower risk. They rose 26 percent last year to 1.27 billion pounds.
“It is a business model in transition,” Chief Executive Officer Adrian Wyatt said in an interview. “We are in the right assets at the right time.”
Quintain had a profit of 10.6 million pounds for the six months ended March 31 compared with a loss of 16.6 million pounds a year earlier, according to Bloomberg calculations.
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