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17 Dec 2018 | 14:51

Circle Property profit jumps 61% on higher valuations, rental income

Regional office investor Circle Property booked a 61% rise in first-half profit after it collected more rental income and the value of its portfolio rose.

Pre-tax profit for the six months through September increased to £13.8m, as rental income rose 25% o £3.8m.

The company held its interim dividend steady at 3.0p per share.

'Circle's continued focus on the active management of its regional office assets, particularly the leasing of space in the redevelopment and refurbishment pipeline, has once again delivered strong portfolio valuation growth,' chief executive John Arnold said.

'This has been achieved despite the increased levels of hesitation in signing new tenancies, which we believe largely results from the nervousness created by extended uncertainty surrounding Brexit negotiations.'

'However, as anticipated, this has led to a number of buying opportunities emerging and we are finding more off-market deals as a result.'

At 2:51pm: (LON:CRC) Circle Property Plc share price was 0p at 195p

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