Highcroft Investments improves net asset value in 2016

Highcroft Investments posted its preliminary results for the year to 31 December on Friday, confirming a final property income distribution up 6.1% to 26.0p per share.

The London-listed firm said its total property income distribution was up 5.7% to 41.0p per share, while net asset value per share improved 4.4% to 1071p.

Gross property income increased by 13.7% to £3.91m.

Total earnings per share were down 40% to 84p, while medium term debt widened somewhat to £14.9m from £11.5m.

Property acquisitions totalled £9.33m during the period, net of costs, and disposal proceeds were £3.01m.

Its investment property valuation was up 13.9% to £66m and cash and liquid equity investments at year-end totalled £5.84m, down from £8.01m a year earlier.

“We are very pleased with the results for the year and remain optimistic that we start 2017 from a position of strength which will help us to secure further attractive acquisitions,” said chairman John Hewitt.

“We will continue to reduce our investment in equities in line with our medium term strategy and to re-invest the proceeds in commercial property.

“We have set ourselves challenging objectives for 2017, and we look forward to improving shareholder value through increased dividends and net asset value.”