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A&J Mucklow profit jumps on property revaluations

Property investment company A&J Mucklow Group booked a large rise in first-half profit, owing to positive asset revaluations.

Statutory pre-tax profit was £29.9m, up from £9.1m a year earlier and included a revaluation surplus of £14.1m.

Underlying pre-tax profit was little changed at £8.0m, compared to £7.9m a year earlier.

The company declared an interim dividend of 10.18p per share, up from 9.88p a year earlier.

'Market conditions for industrial and commercial property in the Midlands continue to look favourable for the second half year,' the company said.

'Assuming all lettings currently under offer complete, the additional rental income we should receive from a reduction in vacant space, will comfortably offset the annual rental income lost from the £20m of property disposals agreed in the first half year.'

We remain optimistic about our prospects for the full year.'

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