Mapeley, the Guernsey-based property investment and outsourcing company, sank to a half-year loss owing to the fall in value of its properties but said its asset management business remained robust.

The offshore company, landlord to HM Revenue & Customs, reported a pre-tax loss of £53.8m in the six months to June, against a profit of £30.2m last year. Total asset value dropped to £2.23bn from £2.31bn at December 31. Net asset value per share fell 13% in the period, from £18.62 to £16.17.

Mapeley, which owns a direct investment portfolio as well as property through outsourcing deals with organisations such as Abbey, said funds from operations rose to £63.1m, compared with £27.5m for the same period last year. It attributes the gains to strength of asset management receipts and property disposals. It declared a dividend of 47p.

The company is still considering a share buy-back as it believes its trading price offers a substantial discount to its assets. The shares closed up 52p at £10.70 yesterday, but have fallen 56% on the year to date.

Financial Times, The Times, Daily Telegraph