Landmark profit $2.4M

Press, 9 May 1984, Page 34

Landmark profit $2.4M

The audited tax-paid profit of Landmark Properties, Ltd, for the year ended March 31 was $2,369,631 which is an increase of 89 per cent over the 1983 result of $1,254,583. This profit was calculated after writing off share issue costs and preliminary expenses of $97,642, and includes a net taxation benefit of $44,768. The chairman, Sir George Chapman, said that the directors were pleased with the level of profits achieved, which represented a return of 27 per cent on paid-up capital, after taking into account the 1:10 bonus issue

made on March 30. These results were earned in spite of the adverse effects of the rent freeze, which restricted the anticipated rental growth, and the lower levels of rentals also affected the revaluation profits. In accordance with board policy, Landmark group properties were again revalued by Independent registered valuers. At March 31 the property portfolio had a value of $18,700,430, giving a surplus for the year arising from the annual revaluation of $1,967,048. The 1:5 cash issue closing

on May 11 will increase shareholders’ funds by a further $3.2M, giving an even sounder base for the continued expansion of the property portfolio, and the directors expect that there will be further acquisitions during the 1984/85 year, as and when suitable opportunities arise, Sir George said. The Landmark directors believe that the issue of debenture stock would be an appropriate method of funding acquisitions and refinancing the existing modest amounts of short-term funding and a prospectus will be issued shortly.

Sir George advised that having regard to the 3 per cent interim dividend paid in November, the directors will be recommending to the annual general meeting that a dividend of 4 per cent be paid, on all ordinary shares including the newissue shares, of which half will be a final dividend for the year ended March 31 and half will be an interim dividend for the current year. These dividends will be paid from the company’s share premium reserves, and will be tax-free in shareholders’ hands.