Conygar Interim Results - Audio Transcript

Wednesday, Jun 08 2011 by
4
Conygar Interim Results  Audio Transcript

We published a podcast with Robert Ware and Preston Rabl, Chief Executive and Corporate Director of the Conygar Investment Company (LON:CIC) on Monday after the announcement of their recent interim results.  Here follows a transcript of the interim results update.

Conygar is an AIM listed property company focused on both opportunistic deal making and development of its large Welsh Marina and land bank projects.  The company is currently trading on a discount to last reported NAV of over 30%.  For more detail on the company's acquisition history and investment philosophy click here.


 

You announced your interim results this week and the year has started with another major land bank acquisition, Haverfordwest, and a big share buy-back campaign. Could you briefly run us through the key highlights?

RW: Thank you.  I think the highlights that come out of our first six months are steady as she goes.  We had a 3% increase in the NAV, from 150 pence up to 154 pence, and profit before tax was £3.4 million; albeit less than the prior six months, if you actually take out the prior six months trading profits, then we’re talking about a comparison of £1.1m to £3.4m.  That reflects significant cost reductions through cost cutting (from our takeover of the Advantage Property Income Trust) and we re-couponed our interest rate swaps; we effectively brought down the cost of our debt from about 6% down to 3.4% on average.  The full impact of that will come through in the second half and obviously going forward.

I think the other highlight to really focus on is our cash and our undrawn but committed facilities so that we’ve got nearly £100 million for future acquisitions.  As you rightly said, we’ve purchased 86 acres of land at Haverfordwest. This has got outline planning permission.  The in-price costs for the 900 units worked out at about £15,000 per unit and we anticipate a significant uplift to come through this as and when the house builders come back and require our land.

And the share buy-back, we’ve actually in the last 48 hours bought over 2 million more shares back in, so we’ve got over 10% of the share capital that we’ve bought back and we’ve paid, on average, just under 116 pence per share.  The basis of the buy-back is really to take advantage of…

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Disclaimer:  

As per our Terms of Use, Stockopedia is a financial news & data site, discussion forum and content aggregator. Our site should be used for educational & informational purposes only. We do not provide investment advice, recommendations or views as to whether an investment or strategy is suited to the investment needs of a specific individual. You should make your own decisions and seek independent professional advice before doing so. Remember: Shares can go down as well as up. Past performance is not a guide to future performance & investors may not get back the amount invested. ?>


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The Conygar Investment Company PLC is a property investment and development company dealing primarily in the United Kingdom property. The Company's principal activity is property trading, property investment, acquiring property assets with development and investment potential, and investing in companies with property assets. Its segments include Investment properties and Development properties. Its Investment properties are owned or leased by it for long-term income and for capital appreciation, and its trading properties are owned or leased with the intention to sell. Its Development properties include sites, developments in the course of construction and sites available for sale. Its investment property portfolio includes industrial properties, which are located in Blantyre, Kettering, Stratford Upon Avon and Witham; leisure property in Dundee; offices in Aberdeen, Ashby de la Zouch, Dundee, Warrington and Wolverhampton, and retail warehouses at Birmingham and Coventry. more »

LSE Price
156p
Change
-1.0%
Mkt Cap (£m)
89.0
P/E (fwd)
191.2
Yield (fwd)
n/a

The Local Shopping REIT plc is a United Kingdom-based real estate investment trust (REIT). The Company's investment objective is to maximize value for its shareholders from its existing portfolio of local real estate assets, comprising local shops in urban and suburban areas, as well as neighborhood and convenience properties throughout the United Kingdom. The Company seeks to achieve its objective through realizing its assets in accordance with prevailing market conditions with a view to repaying its existing debt facilities; exploiting the potential of its remaining property portfolio through active asset management, and making further investments in properties, in consultation with Internos Global Investors Limited (INTERNOS), to protect the realizable value of an existing property asset. The Company's directly owned portfolio consists of approximately 330 properties, with over 1,000 letting units. more »

LSE Price
27.4p
Change
-0.4%
Mkt Cap (£m)
22.7
P/E (fwd)
n/a
Yield (fwd)
n/a




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