Company News in Brief

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St Modwen Properties, the property investor and developer, reported a fall in pre-tax profits to pounds 1.7m ( pounds 2.1m) in the year to 30 November. Turnover slumped from pounds 45.1m to pounds 18.4m in line with a sharp decline in the development of new property. Rental income, however, rose to pounds 7.5m ( pounds 6.9m). The total dividend was raised to 0.6p (0.55p) on the back of a trend in rising rent roll and its confidence in the outcome of new projects. Stanley Clarke, the chairman, said that property values had generally bottomed out in the outer London regions, the Midlands and the North-west, where the company operates. He was cautiously optimistic of a slight recovery this year.

Greenwich Resources, which is involved in exploration and development of gold and other minerals, dug itself into pre-tax losses of pounds 697,000 (profit pounds 108,000) for the year to 30 September after incurring a pounds 749,000 operating loss and a 50 per cent cut in interest income.

Howard Holdings, the property developer and plant hirer, reduced pre-tax losses to pounds 198,000 (loss pounds 211,000) in the six months to 31 October. No dividend.

TR Pacific Investment Trust's net asset value per share rose by 43.4 per cent to 114.6p (79.9p) for the year ended 31 December, aided by the stronger Far Eastern currencies against a weakened sterling. Total dividend improved to 0.35p (0.7p including 0.45p special dividend).

Baring Tribune Investment Trust is paying a 4.75p (4.5p) final dividend, making 6.45p (6.2p) total for the year ended 31 December. Net asset value per share has grown from 273.9p to 318.7p.

Trust of Property Shares, the investment trust, lifted the dividend payout for the year ended 31 December to 1.503p (1.432p), but saw net asset value per share dwindle from 78.43p to 57.14p, depressed by fallen property values.

County Smaller Companies IT declared an unchanged 1.125p dividend for the six months to 31 December. Net asset value per share fell to 84.44p (94.4p).