First-half earnings plummet at Cardiff Property

Cardiff Property posted its results for the six months to 31 March on Wednesday, with revenue down to £0.28m from £0.3m year-on-year.

The London-listed firm said net assets per share stood at £19.07, up from £17.93, while profit before tax plummeted to £0.56m from £1.54m.

Earnings per share for the period were 39.2p, compared to 117.1p in the same period last year.

The board declared an interim dividend per share of 4p, up from the 3.6p announced at the interim in 2016.

“During the first half of the financial year tenant enquiries for Thames Valley based commercial property remained active with office and industrial rental levels retaining increases achieved over the past few years,” said Cardiff Property chairman Richard Wollenberg.

“The investment market continued to experience high levels of interest from institutional and private investors, taking advantage of attractive yields at a time of record low interest rates.

“In recent months there has been some indication of nervousness as concerns remain over the UK's exit from the European Union.”

Wollenberg said the calling of a general election may have a further unsettling effect in the short term, but could provide a positive background over the longer term.

“The residential property market for mid-range homes was similarly active in the first half supported by high employment, low interest rates and increased mortgage availability.”