Results round-up

AIM-listed property developer Safeland said on Monday that revenue rose in the year to the end of March, but pre-tax profit fell and the company warned it has entered “an extremely volatile environment”.

Group revenue in the period increased to £21.1m from £10.3m in 2015, with gross profit of £7.1m from £2.8m.

However, operating profit fell to £5.9m from £6.9m and pre-tax profit declined to £6.1m from £6.7m.

The company said the value of its trading stock rose to £14.8m from £12.7m, while net assets rose from £14.8m to £17.7m, albeit with fewer shares in issue following the buyback and cancellation of shares in the year.

Total shareholder returns decreased from 150.2% in the year ended 31 March 2015 to 16%, as the previous year included the benefit of the sale of Chandos Tennis Club and the dividend in specie from Safestay.

TalkSport owner Wireless Group, which is awaiting regulatory clearance for its acquisition by Rupert Murdoch's News Corp, saw an advertising slowdown in recent months hit first-half profits.

The ad slowdown in the second quarter in both the UK and Ireland weighed on local radio performance and start-up losses from its three digital stations dialled operating profits down 21% to £6.1m in the six months ended 30 June, although revenues were up 3% to £38.2m.

Group net debt was substantially lower at £1.6m compared to £46.9m a year ago, thanks to completion of the sale of the television business to ITV for £100m in February, of which £55m was returned to shareholders.

TalkSport enjoyed a strong performance thanks to the European Football Championships in France but saw softer advertising trends in the weeks before the EU referendum.