News Column

Energiser Investments Swings To Pretax Profit On Lower Costs

May 29, 2014

Tom McIvor

LONDON (Alliance News) - Energiser Investments PLC Thursday said it swung to a pretax profit in 2013 as the market value of its portfolio increased and costs fell.

The UK property sector investment company posted a pretax profit of GBP36,000, compared with a pretax loss of GBP171,000 in 2012.

The company said revenues from its residential development in Wellingborough, Northamptonshire were largely flat at GBP147,000, resulting in net rental income of GBP113,000.

However, Energiser said its development costs fell to GBP17,000, from GBP116,000, and it received a payout on its cost of sales of GBP66,000 rather than a cost of GBP32,000 the previous year as an impairment provision made in previous years against the value of the Wellingborough properties was reversed due to the market value of its portfolio increasing.

The company said its investment of 20 freehold houses in Wellingborough remains fully let and so far in 2014 it has experienced an increase of roughly 5% in gross rents being achieved.

Energiser shares were untraded at 3.875 pence on Thursday.

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Source: Alliance News

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