CALEDONIAN Trust, the quoted property and investment group, saw pre-tax losses more than treble last year from £294,000 to £925,000, while net asset value fell 4.7% to 157.8p, writes Simon Bain.

Chairman Douglas Lowe whose annual statements have featured apocalyptic warnings for several years, says the group is battening down the hatches in the face of a "prolonged continuing depression".

The net operating loss widened from £393,000 to £517,000, gains on investment properties almost halved to £125,000, and bank loan and overdraft costs jumped from £132,000 to £200,000. Remuneration to directors eased from £256,000 to £234,000.

Mr Lowe writes: "I see no recovery in the investment property market until there is a prospect of normal economic growth. In due course, there will be a cyclical recovery."

Caledonian had disposed of virtually all its properties, paid down bank loans and declined expensive new facilities, and by early 2012 expected to be free of bank debt. Minor sales and investment income would provide stability during the depression, while investment in planning would be reduced. The chairman noted an office in Edinburgh's New Town for sale at £650,000 had been sold by the group in 1989 for £970,000 – £1.9m in current values.