Drop in value of assets lowers Bilton's shares
The valuation by King Sturge, the surveyor, was the first external property audit since 1989. Most large property companies have independent valuations every year even though accounting regulations only require one every five years.
Bilton's property valuations were the equivalent of 643p a share at the end of 1993, down from 739p the previous year and much lower than market forecasts of up to 770p.
The company had raised eyebrows when its 1991 and 1992 valuations, conducted by the directors, showed rises in value when most other companies' portfolios were depreciating.
The lower value put a yield of 8 per cent on rental income from Bilton's industrial portfolio which Robin White, analyst at NatWest Securities, said compared fairly with Slough Estates' recent valuation. He said: 'The new realistic level is quite encouraging. We could not see how the valuations of previous years were arrived at given the state of the property market.'
Pre-tax profits for the year to December were marginally higher at pounds 17.4m ( pounds 17.1m).
They included a small positive contribution from the construction and house-building arm where turnover fell from pounds 10.4m to pounds 9m.
Earnings per share were 27.3p (26.8p) and a final dividend of 13.6p made a full-year total of 19.3p (18.9p).
Bottom Line, page 28
- 1 Michelle Watt's father says TV presenter killed herself because she was in constant pain
- 2 Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
- 3 'Help me I'm trapped in a factory' messages keep being found on bottles of vitamin water
- 4 North Korean defector flees to Finland 'with evidence of chemical testing on humans'
- 5 Greek debt crisis: The photograph that conveys the despair of Greece's elderly
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Greece crisis: The wider lesson is that it’s time to abandon this failed experiment in currencies
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...