Market Tech lifts FY revenue as its pre-tax profit falls

Market Tech owns, manages and is developing a unique 16-acre estate of office, retail, leisure and living spaces centred around Camden Markets in London.

"In the coming 12 months, we will continue to consider opportunities to buy assets in and around our core estate, while further progressing our significant asset management and development strategies," said chief executive Charles Butler.

Pre-tax profit came in at £12.5m, from £44.1m, while revenue was £130.3m, from £30.1m. There were higher charges for depreciation and amortisation, foreign-exchange losses and share-based payment expenses.

The comparative period's bottom line boosted by a £60.5m net gain on the value of investment properties, against an improvement of £34.3m in the just-finished year.

Market Tech's property portfolio value was up 31.0% to £987.8m, and was ahead 12.4% on a like-for-like basis. Net asset value was up 40.2% to £778.9m. On a per-share basis, NAV was 166.3p, up 12.2%. Occupancy was 93.9%.

It noted that there was some uncertainty in the property market ahead of the UK referendum on EU membership on 23 June.

"Whatever the outcome, we believe the attractiveness of our diverse property portfolio, its affordability for occupiers relative to comparable areas of the city, together with our team's ability to create value from it, support our confidence in Market Tech's prospects."

Market Tech's shares were up 1.97% to 168.25p.