23 November 2021
THE CONYGAR INVESTMENT COMPANY PLC
Preliminary results for the year ended 30th September 2021
SUMMARY
- Net asset value increased by £25.3 million (28.5%) to £114.1 million (217.4p per share)
- Total cash deposits of £13.7 million (26.0p per share).
- No debt and no borrowings.
- £29.2 million surplus on valuation of the Group's investment properties, comprising a £28.7 million uplift at The Island Quarter, Nottingham, and £0.5 million uplift at Cross Hands, Carmarthenshire. The combined surplus amounts to an increase of 55.6p per share before other net operational and administrative costs. At The Island Quarter, the resulting £70.5 million valuation equates to approximately £2 million per acre.
- Development progressing for the first phase of the mixed-use development at The Island Quarter and resolution passed to grant planning permission for a 700-bed student accommodation scheme.
- Detailed planning application submitted in January 2021 for the next phase of The Island Quarter development which includes a hotel, to be managed by Intercontinental Hotels Group, residential rental apartments and co-working space.
- A further planning application was submitted in October 2021 for the proposed waterfront development in Holyhead, Anglesey, supplementing the outline consent previously granted in 2014, which includes a 250-berth marina, 259 townhouses and apartments and associated retail and public realm.
- Bought back 1.09 million shares (2.0% of ordinary share capital) at an average price of 111.5p per share.
Group net assets summary
30 September 2021 30 September 2020
|
|
|
Per share |
|
Per share |
|
|
£'m |
p |
£'m |
p |
|
Properties |
108.4 |
206.6 |
56.2 |
104.9 |
|
Cash |
13.7 |
26.0 |
32.1 |
60.0 |
|
Provisions |
(7.3) |
(13.9) |
– |
– |
|
Other |
(0.7) |
(1.3) |
0.5 |
0.9 |
|
Net assets |
114.1 |
217.4 |
88.8 |
165.8 |
Robert Ware, Chief Executive commented:
“The speed and effectiveness of the UK's vaccination programme has enabled a quicker and stronger economic recovery than many commentators predicted. This success has been mirrored in the real estate sector with commercial property values increasing in the last year, on average by approximately 7%, driven by higher transaction volumes and the hardening of yields across much of the market. Our results have benefited from this economic bounce and reflect a significant improvement to those reported in the previous year.
Although we are acutely aware that a sustained economic recovery remains far from assured, and that the expectations within the real estate industry have changed markedly over recent years, we are increasingly confident that our property portfolio is well positioned to benefit both from the renewed market optimism and significant post COVID-19 social changes.”