The property arm of construction giant Kier Group revealed a 32% rise in operational profit in its half-year results this morning.
Profits jumped to £12.1m from £9.2m, off the back of a 29% rise in revenue, which increased to £61.3m from £47.5m.
Overall, the group reported a 31% jump in profits to £79.6m.
Kier said it would use any downward movement in prices as an opportunity to grow its portfolio, which currently has a prospective end value of £930m.
‘Occupational demand continues to be strong but we anticipate a correction in pricing in the property investment market which we believe will lead to further opportunities for strategic acquisitions of sites and businesses where we are able to add value through the development process and asset management,’ Kier said.
Home REIT raised £22.85m from the sale of a further 137 properties in a series of public auctions held over the last eight days, but the price achieved was almost two-thirds lower than the original cost to purchase.
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