Coronavirus Update

Conygar Investment Co - Interim Results

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The Conygar Investment Company PLC

Interim Results for the six months ended 31 March 2020

Summary

  • Net asset value per share 177.8 pence at 31 March 2020. 
  • Total cash available of £36.1 million (67.3 pence per share) as at 31 March 2020 and no debt.
  • Good progress made on designs for the early phase developments of our mixed-use scheme at The Island Quarter, Nottingham.
  • Construction of the Lidl store at Cross Hands, Carmarthenshire completed and development of the Burger King restaurant and drive through underway.
  • Planning permission submitted for a student accommodation scheme at Selly Oak, Birmingham.
  • Bought back 2.93 million shares (5.2% of ordinary share capital) at an average price of 135.3 pence per share.

Summary Group Net Assets as at 31 March 2020

 

 

Per Share

 

 

£'m

Pence

 

Investment Properties

16.4

30.6

 

Trading and Development Properties

41.9

78.3

 

Total Properties

58.3

108.9

 

Cash

36.1

67.3

 

Other Net Assets

0.9

1.6

 

Net Assets

95.3

177.8

 

 

 

 

 

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

"We believed the outlook for the economy was positive following the general election at the end of 2019 and were looking forward to progressing our projects. The COVID-19 shutdown has fundamentally changed the outlook, and it is neither possible nor sensible to attempt to predict the future. No one can be certain of the impact of the virus on the carrying values of our development and trading properties at this time. However, as a business with low overheads, no debt and a strong cash position, Conygar is well placed to weather the downturn which has already begun.

We will monitor opportunities in the marketplace carefully as they will undoubtedly appear in the coming months. At the same time, we are well placed to advance our projects and hope to make announcements later this year to that effect."