Nu-Swift, in which the security company ADT holds a 21 per cent stake, used solely to make and sell fire extinguishers.
However, it sold its French fire extinguisher business for pounds 185m and decided to invest the cash in property, at what it believes to be the bottom of the cycle.
Pre-tax profits of pounds 32.5m in the year to 31 December 1990 included profit from the manufacturing operations. The pounds 20.2m in 1991 includes remaining UK and US manufacturing and income from property investment.
Nu-Swift has bought 10 properties in central London. It said: 'The strong defensive qualities of the portfolio put the group in a good position to benefit from any recovery in the property market.'
The company is also investing in property companies. It lost pounds 3.5m in the year on investments in London Securities and Clarke Nickolls & Coombs.
Nu-Swift's net asset value rose to 390p from 382p and the company has raised its dividend to 20p from 18p.Reuse content