London & Stamford Profit Rises on Higher Property Values, Asset Purchases
London & Stamford Property Plc, co- owner of the U.K.’s third-largest mall, said first-half profit rose 2.5 percent on acquisitions and increasing real estate values.
Net income for the six months through September advanced to 16.3 million pounds ($25.8 million) from 15.9 million pounds a year earlier, the Guernsey-registered company said in a statement today.
“We continue to assess a wide range of opportunities to deploy our 1 billion pounds of firepower, but we remain cautious in our approach,” Chairman Raymond Mould said in the statement. “We remain confident that we will continue to be able to acquire property that is consistent with our investment strategy.”
London & Stamford, founded in 2007 by Mould and Patrick Vaughan, spent more than 235 million pounds on acquisitions in the period, mainly on distribution centers, to benefit from rising rents and a recovery in property values. It spent 205 million pounds this month buying 10 properties. The company and a partner purchased a 50 percent stake in northern England’s Meadowhall mall from British Land Co. in February 2009 for 588 million pounds.
Net rental income increased to 15 million pounds from 6.7 million pounds a year earlier, the company said in the statement. London & Stamford approved an interim dividend of 3 pence a share, payable on Dec. 20, it said.
Earnings per share fell to 3.3 pence from 4.5 pence a year earlier as the number of shares increased.
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