Mucklow sees profits rise but property portfolio value dip
BLACK Country property developer and investor A&J Mucklow has reported a 10% increase in profits for the year ending June 30.
In its preliminary results for the period it shows an underlying pre-tax profit of £13.4m, an increase of £1.2m on June 2011’s £12.2m figure.
Other good news is that the company’s vacancy rate has reduced from 7.3% to 6.5% and rental income is up from £18.3m to £20.2m.
However, the value of the firm’s property portfolio has dropped from £261.3m to £252.8m over the period.
Chairman Rupert Mucklow said: “Our robust portfolio of industrial and commercial property principally located in the Midlands has continued to perform well during these difficult economic times, providing a solid income return, with minimal tenant defaults.
“However, at the same time, regional property values have remained under pressure, due to a cautious investment market and limited transactional evidence.
“Our balance sheet remains in good shape with debt to equity gearing at 39% and a loan to value of 27%.”
Mucklow’s joint planning application with Helical Retail for a mixed use development on its 20 acre site in Tyseley, Birmingham, was approved in the second half of the financial year.
