7 March
2018
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
Panther Securities
PLC
(the “Company” or
the “Group”)
Trading update
The Board of Panther Securities PLC is pleased to announce that,
based on preliminary unaudited information, it expects the profit
after taxation for the year ended 31
December 2017 to be of the order of £20 million, which has
arisen as a result of the following principal factors:
- The Directors sought an independent revaluation of the Group’s
entire portfolio at 31 December 2017
which will likely result in an increase in valuation at
31 December 2017 of approximately £16
million;
- The Group’s interest rate swaps liability at 31 December 2017 showed a positive movement of
approximately £2 million over the financial year;
- The Board expects to report a profit of approximately £1
million on the sale of a number of investment properties. In
addition, the sale of most of our investment shares produced a
profit of over £1 million; and
- Rental income has held up very well in a tough environment for
retailers.
The above expected Group profit after taxation in the order of
£20 million does not include any additional profit that would arise
on the completion of the sale of Holloway
Head, Birmingham. On 30
November 2017, the Company announced that the contract had
been extended, with the purchaser seeking to complete at the
beginning of March 2018. The purchaser was not in a position
to complete and has been granted a further extension of five weeks,
at a cost of £40,000 per week. In the event that completion
takes place before the accounts for the year ended 31 December 2017 are signed, under the accounting
standards, an additional profit after taxation of £3.8 million
would be achieved as part of the results for the year ended 31
December 2017.
The Board expect to announce the audited results for the year
ended 31 December 2017 in late
April 2018.
For further information:
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Panther Securities plc: |
Tel: 01707 667
300 |
Andrew Perloff/ Simon Peters |
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Allenby Capital Limited (Nomad
and Joint Broker) |
Tel: 020 3328
5656 |
David Worlidge/ Alex Brearley |
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