Urban & Civic has produced a 4.3% rise in net asset value (NAV) while more than doubling pre-tax profit for the six months to the end of March.
NAV has risen to £458.8m from £439.3m at the end of last September and pre-tax profit hit £10.1m, up from £4.2m at the same point last year. The profit takes into account increasing residential sales completions and disposal of the recently completed Hampton Hotel at Stansted Airport.
Net asset per share stood at 316p, 7.8% up year-on-year, and the group added it will pay an interim dividend of 1.3p per share, up 8% on the first half of last year. The group also reported a total shareholder return of 19.4% for the six months.
Urban & Civic now has interests in more than 31,000 approved or allocated residential plots across seven sites outside the M25 within commuting distance of London.
Nigel Hugill, chief executive of Urban & Civic, said: “There is an unavoidable element of pioneering in creating a new property format. We seem now to be through that with a master developer business that continues to grow and is looking more scalable with each successive set of results. Urban & Civic is becoming the serviced land wholesaler of choice to a broad spread of housebuilders. Five years forward licence sales provide us with singular resilience. Demonstrable upside with a good level of asset and income security from strong demographic areas in southern England is precisely what we have been working towards.”