Commercial Property News
Hawtin, in breach of covenant, makes further FY loss in 2009-10
Hawtin, the Cardiff-based property investment and management business, announced it's FY results today which show recovery from the pre-tax loss of £17.8 million in 2008 to a pre-tax loss of £5.8 million, based on an improvement in values, and that it has passed paying a dividend.
The portfolio had a 41% void rate at the end of FY2008 which only improved to 38% during the course of FY2009, though since the end of March it has improved further to 19%.
Hawtin is in breach of it's banking covenants, with a LTV of 89% compared to the 80% agreed, and Lloyds is seeking stiff fees to renew the facilities. The future of the business will be determined to a large extent by it's bankers.
Revenues rose to £4.14 million - up from £3.86 million - and operating losses fell to £2.83 million from £9.03 million.
Hawtin had cash and cash equivalents of £3.57 million compared with £1.8 million last time.
Mon, 7th Jun 2010