Full Year Results



These seem reasonable to me, I think one has to strip out the profitable disposal as a one off, the dividend ex the special 8p is 2p for the year which means at 46p the yield is 4.3%, not compelling nor is the adjusted p/e which I reckon is c10. Share price is about 10% ahead of nav of 42p of which cash is 31.5p. Year has started alright although Leave has meant buyers and sellers delaying doing deals so not good for transactions but the chairman hopes a pattern will establish itself and deals will resume, he is probably right this is only a short term blip. Company has bought a couple of properties which will let in 2017 or maybe they will sell at a profit and pay a special dividend, they are rather good at doing this.

Perhaps I am wrong in thinking no reason to rush out and buy the shares, but all things considered I see the shares as no better than a hold and think they could drift back. The company’s conservative stance remains a plus as ever, they can withstand difficult conditions if necessary and wait for better times so at least holders can sleep at night.

What does profdoc think?