Coronavirus Update

Conygar Investmnt Co - Preliminary Results 2020

This content has been sourced from: https://www.investegate.co.uk/conygar-investmnt-co...

THE CONYGAR INVESTMENT COMPANY PLC

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

SUMMARY

· Net asset value per share 165.8p.

· Total cash deposits of £32.1 million (60.0p per share).

· No debt and no borrowings.

· Construction completed of both the Lidl store and Burger King restaurant and drive through at Cross Hands, Carmarthenshire.

· Outline planning consent granted, with the signing of the section 106 agreement, for our 40 acre mixed-use scheme at the Island Quarter in Nottingham city centre.

· Resolution to grant detailed planning permission passed for the first phase of the Island Quarter development, incorporating a 20,000 square foot waterfront pavilion.

· Write down of land at Holyhead, Anglesey by £5.0 million, following the withdrawal of the proposed nuclear development at Wylfa.

· £1.7 million reduction in the value of Cross Hands, Carmarthenshire as a result of COVID-19.

· Bought back 2.93 million shares (5.2% of ordinary share capital) at an average price of 135.3p per share.

Group net assets summary as at 30 September 2020

 

 

Per share

 

£'m

p

Properties

56.2

104.9

Cash

32.1

60.0

Other

0.5

0.9

Net assets

88.8

165.8

Robert Ware, Chief Executive, commented:

"The outlook is highly uncertain. We expect the impact of COVID-19 to significantly affect the progression of and carrying values for our investment and development properties over the coming year. While there remains considerable uncertainty as to how the pandemic will play out, compounded by the impact of a fast approaching Brexit, and pressures on market rents from business closures and rising unemployment, it is extremely difficult confidently to predict the future."