Atmore confident on rental demand

ATMORE Properties the Liverpool-based property investment company owned by Melvyn and Delia Grodner, pushed up sales and earnings last year despite the uncertain market.

In the year to March sales rose 15% to £14m while pre-tax profits were also up 15% to £7.5m, according to recently-filed accounts.

The company has a portfolio of sites in Liverpool, Manchester and Cheshire.

It said the value of these properties had fallen by £12.3m to £128.3m due to a fall in market values of 5%. The decline also reflected the disposal of properties worth £4.3m.

In their report the directors said: “What has been encouraging are the occupancy levels within the portfolio which remain high, as does retention of tenants at lease renewal.

“The group continues to invest heavily in any properties that come vacant, with the result that units are re-letting well, albeit at reduced market rental levels.”

They added: “Despite the difficult economic outlook the directors remain confident that the group will continue to perform well over the medium term and will add value to the business for the benefit of shareholders.”

During the year the company reduced bank debt by £8m to £88.7m.