Coronavirus Update

Conygar Investment Company Interim Results 2021

This content has been sourced from:



· Net asset value of £86.7 million (164.0p per share).


· Total cash deposits of £23.9 million (45.3p per share).


· No debt and no borrowings.


· Development commenced for the first phase of the mixed-use development at The Island Quarter, Nottingham.


· Detailed planning applications submitted in January 2021 and May 2021 for the next two phases of The Island Quarter development which include a hotel, to be managed by Intercontinental Hotels Group, residential rental apartments, co-working space and a 702 bed student accommodation scheme.


· £1.2 million write down in the value of the retail park at Cross Hands, Carmarthenshire as a result of the continuing negative investor sentiment towards this sector.


· Bought back 0.74 million shares (1.4% of ordinary share capital) at an average price of 109.0p per share.




Group net assets summary as at 31 March 2021




Per share






Investment properties




Development properties
















Net assets









Robert Ware, Chief Executive of The Conygar Investment Company PLC, commented:


"After 15 months of COVID-19 we expect the country slowly to return to a semblance of normality, boosted by the extraordinary success of the vaccinations. We have no idea how the huge debt hang-over from government intervention will affect the future but we think trends such as working from home and retail moving online will have been accelerated. We continue to stick to what we know. The Island Quarter project at Nottingham has significantly progressed along with the majority of our other assets and we continue to operate with sensible overheads, no debt and cash reserves. We anticipate real progress will be made over the next year."


Share buyback


During the six-month period ended 31 March 2021, the Group acquired 740,000 ordinary shares, representing 1.4% of its ordinary share capital, at a cost of £0.81 million which equates to an average price of 109.0p per share. We continue to see the buyback authority as a useful capital allocation tool and will continue to use it when we believe the stock market value differs too widely from our view of the intrinsic value of the Company.