LONDON (ShareCast) - (ShareCast News) - Conygar Investment Company announced its results for the year to 30 September on Friday, with net asset value per share of 196.9p, a 3.2% decrease.
The AIM-traded firm put that down to the write off of its investment at Pembroke Dock.

EPRA NAV per share decreased by 3.1% to 196.9p.

During the period, Conygar acquired a 9.96 acre site from Sainsbury's at Cross Hands, west of Swansea, for £2.25m, and the 203 acre freehold of the former gas storage facility near Rhosgoch, Anglesey, for £3m.

The board said its development pipeline was advancing.

At Haverfordwest, infrastructure works were complete, and at Cross Hands detailed planning consent had been granted and construction started.

The board said it was continuing to progress approvals for other projects.

In April it completed the refinancing of three portfolios with a new £48.1m facility with Lloyds Bank, releasing £21m after repayment of the two existing loans, and in December it completed the refinancing of the Edinmore portfolio and Mochdre Commerce Park with a new £21.4m facility with HSBC Bank, releasing £13m after repayment of the existing loan.

Total cash available for acquisitions and development funding stood at £64m, while net debt was £27.2m as at 30 September, representing a gearing of 17.9% against net asset value and 20.8% on a loan to value basis.

Post the HSBC refinancing, net debt was now £27.8m, representing a gearing of 18.3% against net asset value and 21.3% on a loan to value basis.

Its investment property portfolio valuation was £130.7m on 30 September - an increase of £1.0m on a like for like basis.

Its average unexpired lease length had risen from 4.8 years at the end of September last year to 5.8 years at the year end, which the board said reflected a number of new leases and renewals agreed over the past year.

Conygar disposed of four investment properties in the year for a total consideration of £7.0m, a deficit of £0.3m to the September 2015 valuation after costs.

It also bought back 5.3 million shares, or 6.4% of ordinary share capital, at an average price of 167 pence per share.

"Despite the current political and economic uncertainties, our investment property portfolio has performed well and we expect this to continue in the short to medium term," said chief executive Robert Ware.

"At the same time, we are pushing the development projects forward and we anticipate that construction work will begin at a number of the sites this year in addition to the ongoing works at Cross Hands.

"We see the development pipeline as the main driver of shareholder growth in the medium term and this will be a major focus for the group in the coming years."

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE