Panther Securities almost doubles its profit

Panther Securities reported a near-doubling in profit in its 2015 final results on Wednesday, with its profit before tax for the calendar year standing at £8.47m, compared with £4.38m at the end of 2014.

The AIM-traded company’s revenue was broadly flat at £14.44m, against a restated £14.83m in 2014. The largest part of its revenue was rents receivable, which increased slightly to £12.84m during the year from £12.51m.

“This substantial jump in group profits was mainly due to the increase in value of our investment properties of £3,859,000, as revalued by the independent surveyors, G L Hearn Limited, who valued our entire portfolio,” said Panther chairman Andrew Perloff.

“ Also, at the year end there was an improvement in our swaps liability of £1,563,000 against a 2014 loss of £9,813,000.”

Panther’s board recommended a final dividend of 3p per share, down from 2014’s 9p. It brings the total dividend for the year to 12p per share.