The Conygar Investment Company plc Interim Results for Six Months Ended March 2024

16 May 2024

The Conygar Investment Company PLC

Interim results for the six months ended 31 March 2024


·    Net asset value (“NAV”) decreased in the period by £3.8 million to £91.2 million equating to 153.0p per share (30 September 2023: 159.4p per share). This is derived primarily from net operational, debt financing and administrative costs compounded by writing down £1.4m of costs in connection with the proposed residential development at the Fruitmarket site in the St Philip’s Marsh area of Bristol.

·    Cash deposits were boosted in the period from the placing in October 2023 of 5 million zero dividend preference shares of £1 each (the “ZDP shares”) and the drawing down of the first tranche of a £12 million loan facility from A.S.K Partners Limited (“ASK”). As at 31 March 2024, the Group had total cash deposits of £6.1 million, equating to 10.3p per share (30 September 2023: £2.7 million (4.5p per share)).

·    Construction of the 693-bed student accommodation development at The Island Quarter, Nottingham (“TIQ”) is expected to complete, as planned and on budget, before the end of June 2024 with lettings progressing well for the September 2024 student intake.

·    Detailed planning application submitted in February 2024 for the second phase of student accommodation at TIQ comprising a 383-bed scheme to adjoin, and complement, the first phase development.

·    Revenues and margins steadily increasing at The Island Quarter’s (“1 TIQ”) restaurant and events venue as the reputation for this unique local offering becomes more established.

Group net assets summary

 31 Mar 2024 £’m31 Mar 2023 £’m30 Sept
Other net liabilities(1.1)(4.1)(3.6)
Net assets91.2122.395.1
NAV per share153.0p205.1p159.4p

Robert Ware, Chief Executive commented:

“Investment activity will take time to return to the levels seen before the market downturn. However, as inflation and interest rates recede, such that costs become more stabilised, the viability of funding opportunities should improve. Given the significant progress made at The Island Quarter, Nottingham and with investors prioritising high quality and sustainable investments we are optimistic that opportunities will evolve over the coming months and years which should enable us to maximise the returns from this and our other development sites.”


The Conygar Investment Company PLC

Robert Ware: 020 7258 8670

David Baldwin: 020 7258 8670

Liberum Capital Limited (nominated adviser and broker)

Richard Lindley: 020 3100 2000

Jamie Richards: 020 3100 2000

Temple Bar Advisory (public relations)

Alex Child-Villiers: 07795 425580

Sam Livingstone: 07769 655437

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