LAIT bucks property trend

LONDON & Associated Investment Trust bucked the trend among property companies by recording an increase in the value of its portfolio in 1992, writes John Murray.

An independent survey, carried out mostly by Allsops, valued LAIT's retail properties at pounds 38m, a 5 per cent rise over the book figure. Net assets per share rose in line to 39.34p.

Michael Heller, chairman, said the surplus reflected the company's conservative valuation policy. He said that an average yield of 11 per cent on the property in 1993 showed the revaluation was realistic.

He added that yields appeared to have hardened since the sterling crisis as lower interest rates fed through.

LAIT also reported a 14 per cent rise in pre-tax profits to pounds 1.2m, but earnings per share were 13 per cent lower at 0.99p, as there were more shares in circulation following a rights issue in 1991.

Last month LAIT bought the Brunel Centre, Bletchley, for pounds 4.1m, bringing the number of its shops to more than 550, with an annual rental income of more than pounds 5m.

The dividend rises 9 per cent to 0.58p. The shares jumped 2p to 29p.