Chelsfield back into black
The property group came under severe pressure during the recession, but has bounced back to report pre-tax profits for the six months to 30 June of pounds 4.3m. Chelsfield's shares fell 3p yesterday to 184p, compared to the float price two years ago of 155p. The half-time payout rose from 1.0p to 1.1p. Net assets per ordinary share rose from 161.6p to 179.1p.
Mr Bernerd said: "The interim results reflect a satisfactory operating performance in market conditions which remain subdued.
"The improvement in underlying performance is somewhat stronger than the headline figures would suggest and we are continuing to build the income base of the group."
Last time's results benefited from the reversal of a previous pounds 1.8m provision. This half-year was hit by a pounds 500,000 bill for administrative costs when Chelsfield bought the Chesham Place Estate in London's Belgravia for pounds 48.5m.
Mr Elliott said he is pushing to gain planning permission for a big expansion of the Merry Hill centre in Dudley, West Midlands. He is also helping to co-ordinate two investor groups to redevelop a 35-acre site in London's White City. Sums of pounds 500m have been mentioned in relation to Mr Elliott's plans to build the biggest single shopping centre in West London.
In pictures: Saturn images from Cassini probe as it prepares to turn lens towards Earth
Serena Williams apologises after comment that rape victim 'shouldn't have put herself in that position'
FBI finds possible human remains at former home of late gangster James Burke - the man who inspired Goodfellas
'Theres something quite unpleasant going on': Nigel Farage confronted for second time on visit to Scotland
World news in pictures
- 1 Bankers could face jail after report urges the Government to introduce new criminal offence for reckless management
- 2 Breaking the Silence: In the reality of occupation, there are no Palestinian civilians – only potential terrorists
- 3 Richard Nieuwenhuizen death: Six teenagers and 50-year-old father convicted of manslaughter in shocking case of referee killed over a game of football
- 4 Exclusive: Newcastle's star talent-spotter on brink as Joe Kinnear sparks walkout
- 5 Vast methane 'plumes' seen in Arctic ocean as sea ice retreats
iJobs Money & Business
£500 - £600 per day: Orgtel: FX Options Front Office Java / C# Developer - Ba...
£600 - £700 per day: Orgtel: Project Manager - Front Office - Regulatory IT C...
£600 - £750 per day: Orgtel: FATCA Project Manager - Banking - London - £600-...
£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...