Terrace Hill Interim Results Show Continued Operational Progress
8th July, 2008
On July 2nd, Terrace Hill Group plc (AIM: THG), announced interim results for the six months to 30 April 2008.
Financial highlights
· Triple Net Asset Value per share of 75.8p (31 October 2007: 83.7p)
· Adjusted Diluted Net Asset Value per share of 84.1p (31 October 2007: 96.2p)
· £25.5 million of cash and £37.5 million of undrawn debt facilities available
· Balance sheet loan to value gearing of 34%
· Sale of Queen’s Wharf, Hammersmith, completed for £30.75 million
· Interim dividend of 0.8 per share remains consistent with equivalent period in 2007 and underlines the Board’s continued confidence in the Group’s strategy
· Pre-tax profit of £4.4 million (31 October 2007: £12.7 million).
Operational highlights
· 380,000 sq ft of space let or under offer since 31 October 2007
· 48% of committed schemes pre-let or pre-sold
· Planning consents gained at:
- Mayflower Plaza, Southampton
- Gateway, Middlehaven
- George Street, Croydon
- Penrith, Cumbria
· Planning applications made at five Clansman Homes sites, with potential for 500 units.
Commenting, Robert Adair, Chairman of Terrace Hill, said:
“During the period we have continued to make strong operational progress on our portfolio, despite the unprecedented turbulence in the financial markets and weakening capital values in the property market. We will continue to utilise both the skills and resources of our management team and strong balance sheet to derive positive returns from our existing portfolio. We also believe we are well positioned to take advantage of the opportunities this challenging market presents.”
For further information:
Terrace Hill Group plc Tel: +44 (0)20 7631 1666
Robert Adair, Chairman
Philip Leech, Chief Executive
Oriel Securities (Nominated Adviser) Tel: +44 (0)20 7710 7600
Richard Crawley
Luke Webster
Financial Dynamics Tel: +44 (0)20 7831 3113
Stephanie Highett/Richard Sunderland
Jamie Robertson/Rachel Drysdale
