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Panther Securities expecting £20m profit for 2017
Panther Securities announced on Wednesday that, based on preliminary unaudited information, it expects the profit after taxation for the year ended 31 December to be of the order of £20m.
The AIM-traded firm put the performance down to a number of factors, including the independent revaluation of the group's entire portfolio at 31 December, which would likely result in an increase in valuation at year-end of approximately £16m.
Additionally, the group's interest rate swaps liability at 31 December showed a positive movement of approximately £2m over the financial year.
The board said it expected to report a profit of approximately £1m on the sale of a number of investment properties, with the sale of most of its investment shares producing an additional profit of over £1m.
Rental income also reportedly held up "very well" in a tough environment for retailers.
"The above expected group profit after taxation in the order of £20m does not include any additional profit that would arise on the completion of the sale of Holloway Head, Birmingham," the Panther board said in its statement.
On 30 November last year, the company announced that the contract had been extended, with the purchaser seeking to complete at the beginning of March 2018.
"The purchaser was not in a position to complete and has been granted a further extension of five weeks, at a cost of £40,000 per week.
"In the event that completion takes place before the accounts for the year ended 31 December are signed, under the accounting standards, an additional profit after taxation of £3.8m would be achieved as part of the results for the year."
Panther Securities said it expected to announce the audited results for the year ended in late April.