Slight rise in profits for property group

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Operating profit went up from £1.

9m to £1.

2 million and profit before tax rose from £250,000 to £260,000, compared to the same six-month period last year.

he AIM-listed company share price fell by 1p to 105p on Thursday following the publication of the interim statement.

hairman Tom Scott – who on Friday purchased 150,000 shares at 102p – said that the company had continued to develop its prime Guernsey sites in the past six months.

This includes Admiral Park, where a B&Q retail warehouse has recently opened alongside a Checkers superstore, and the construction of two flagship office buildings on the sea front, to be let to Fortis Group subsidiary MeesPierson Reeds, and Kleinwort Benson (CI) Ltd.

he firm is developing over 80 flats alongside the offices, with underground parking and gardens.

omprop are also constructing a St Peter Port office development, pre-let to Generali Worldwide Insurance, to be completed early next year.

Bank borrowings due for repayment within one year increased significantly, from £1.

m as at 31 March to £17.


Mr Scott said the increase was mainly due to a facility falling due next summer reclassified as a current liability in the balance sheet.

‘We are currently negotiating refinancing of this facility with our bankers,’ he said.

lanning permission is being sought for a mixed leisure and retail development next to Admiral Park, which will house Guernsey’s first multiplex cinema.

r Scott, who recently moved to live in Jersey, is also chairman of Jersey-based CI Traders – which includes the former Ann Street and Le Riche groups – and the International Energy Group, and owner of Jacksons Garage and St Helier Garages.

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