Hemingway losses deepen

HEMINGWAY Properties sank further into loss at the halfway stage, largely because of compensation payments to two former directors, writes Russell Hotten.

The pre-tax deficit to 30 June was pounds 581,000 compared with pounds 332,000, which the company said 'resulted principally from a number of non-recurring items of expenditure'.

Payments to the directors totalled pounds 110,000, but both Michael Goldhill, chief executive, and Andrew Browne, finance director, declined to comment.

In June, Leonard Phillips resigned as chairman and Jeffrey Rose stood down as a director.

Hemingway continued with its strategy to broaden its geographical spread of properties away from London office investments. The company has disposed of its principal London property, Dorset House.

Hemingway's proportion of offices has fallen from 90 to 29 per cent, and retail offices rose from 10 to 47 per cent. The rest of the portfolio is industrial buildings.

The interim dividend has been passed, and a final payment for the year is unlikely, the company says.