London & Stamford slumps into the red on higher costs
LONDON & Stamford Property swung to a loss in the six months to September, thanks to a jump in exceptional costs and losses on derivatives.
The firm, which owns One Carter Lane and Fleet Place in the City, posted a pre-tax loss of £3.4m, compared with a profit of £23.2m in the same period last year.
Net income, however, rose 43 per cent to £21.5m for the half, and the firm said its underlying trading profit has risen 51 per cent to £8.6m.
Executive chairman Raymond Mould said the firm still has a £700m war chest to make further acquisitions as they arise in the current “complex market”.
The firm’s net asset value slipped slightly to £645.5m, though overall yields have remained stable, the firm said.