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Commercial Property News
Hawtin H1 profits down 43% and passes dividend to build warchest
Hawtin plc, the property group, said yesterday that the malaise in the sector could last for another 18 months, but added that it was well positioned to add to its UK-wide portfolio.
The AIM-listed company, whose ownership of developments includes the Millennium Plaza in the centre of Cardiff, reported revenues of £1.99million for the six months to the end of June this year – compared to £1.6million in the same period in 2007.
The company, which has an unused bank facility of £27million for potential new acquisitions, also posted pre-tax profits of £1.074million , down from £1.883million in 2007.
Cardiff-based Hawtin recently announced a 10,000 sq ft letting at Millennium Plaza to Chinese restaurant chain China China. It also has outline plans to revamp the scheme to offer 160,000 sq ft of grade A office space – facilitated by an agreed exit with cinema operator Vue.
Hawtin’s chief executive Richard Hayward said of Millennium Plaza: “We have now fully evaluated plans for the upper levels and are marketing this as a prestige office development for which we are receiving enquiries from interest parties.”
On the outlook for the commercial property sector he added: “In a climate which is thoroughly depressing for some property businesses we are pushing forward to maximise shareholder value from the sites we own. But we have no reason to alter our view that the climate in which we are working in is likely to prevail for the coming 18 months. “However, we also see no reason to be negative and believe opportunities for us to add value through prudent purchases will arise.”
The company has not declared any dividend as it said it continues to believe that all cash generated should go towards investment in the portfolio at this stage.
The AIM-listed company, whose ownership of developments includes the Millennium Plaza in the centre of Cardiff, reported revenues of £1.99million for the six months to the end of June this year – compared to £1.6million in the same period in 2007.
The company, which has an unused bank facility of £27million for potential new acquisitions, also posted pre-tax profits of £1.074million , down from £1.883million in 2007.
Cardiff-based Hawtin recently announced a 10,000 sq ft letting at Millennium Plaza to Chinese restaurant chain China China. It also has outline plans to revamp the scheme to offer 160,000 sq ft of grade A office space – facilitated by an agreed exit with cinema operator Vue.
Hawtin’s chief executive Richard Hayward said of Millennium Plaza: “We have now fully evaluated plans for the upper levels and are marketing this as a prestige office development for which we are receiving enquiries from interest parties.”
On the outlook for the commercial property sector he added: “In a climate which is thoroughly depressing for some property businesses we are pushing forward to maximise shareholder value from the sites we own. But we have no reason to alter our view that the climate in which we are working in is likely to prevail for the coming 18 months. “However, we also see no reason to be negative and believe opportunities for us to add value through prudent purchases will arise.”
The company has not declared any dividend as it said it continues to believe that all cash generated should go towards investment in the portfolio at this stage.
Wed, 24th Sep 2008