Mucklow said that net asset value had fallen 6% due to the impact of the property downturn. Financial Times
Pre-tax losses of £11.4m in the six months to December 31 compared with a profit of £16.4m last time. Almost £20m had been knocked off the value of its portfolio in that period, taking net asset value down to 406p.
Adjusted profit, which takes into account the revaluation of the investment portfolio, rose to £8.5m (£7.4m), while net rental income was up 11% at £7.5m.