10 May 2022
The Conygar Investment Company PLC
Interim results for the six months ended 31 March 2022
Summary
- Net asset value (“NAV”) increased by £12.44 million to £126.58 million (212.25p per share), including a £10.52 million uplift from the placing of 7,139,000 of the Company's own shares.
- NAV per share decreased by 5.16p per share to 212.25p as a result of 8.58p per share dilution from issuing shares at a discount, partly offset by a 3.42p per share increase from the £1.93 million profit realised in the period.
- Total cash deposits of £30.66 million (51.41p per share).
- No debt and no borrowings.
- Development progressed for the first phase of the mixed-use project at The Island Quarter, Nottingham, planned for opening in the summer of 2022.
- Disposal of the industrial units at Selly Oak, Birmingham, completed in December 2021, realising a net profit of £3.42 million.
- Disposal of the retail park at Cross Hands, Carmarthenshire, for £18.28 million realising a £0.53 million surplus over the 30 September 2021 valuation.
- A further planning application was submitted in October 2021 for the proposed mixed-use waterfront development in Holyhead, Anglesey, supplementing the outline consent granted in 2014.
- A non-binding exclusivity agreement was entered into with Wholesale Fruit Centre (Bristol) Limited in connection with the potential acquisition of a 14.7-acre development at the Bristol Fruitmarket site in the St Philip's Marsh area of Bristol.
Group net assets summary
|
31 Mar 2022 £'m |
|
31 Mar 2021 £'m |
|
30 Sept 2021 £'m |
|
|
Properties |
99.34 |
62.24 |
108.44 |
||
|
Cash |
30.66 |
23.93 |
13.66 |
||
|
Other |
0.57 |
0.49 |
(0.66) |
||
|
Provisions |
(3.99) |
– |
(7.30) |
||
|
Total |
126.58 |
86.66 |
114.14 |
||
|
|
|||||
|
NAV per share |
212.25p |
163.97p |
217.41p |
Robert Ware, Chief Executive commented:
” The soon to be opening up and ongoing development programme at The Island Quarter site in Nottingham in conjunction with the resurgence of interest in a nuclear capability in Anglesey leaves the Group well placed to benefit from the post-pandemic economic bounce and strong demand for high quality, sustainable, UK real estate, particularly in the residential rental market.
Although the further advancement of our development portfolio will require a substantial investment by third-parties we are confident that there is significant interest which will become clearer over the year.”