Cardiff properties dips

Cardiff Property has reported a fall in half-year pre-tax profits from £722,000 to £446,000. The specialist in property investment and development in the Thames Valley reported revenue down from £474m to £268m while net assets per share climbed from 1,088p to 1,148p.

Richard Wollenberg, chairman, was encouraged that the company had achieved new lettings but he said, overall, the level of tenant enquiries remained disappointing. “The group continues to manage its existing properties and the successful letting of part of our portfolio at Bracknell, together with the prospective commencement of Tangley Place, Worplesdon, does allow for an element of optimism,” he said.

Commercial property investment values would remain under pressure and the property market would remain difficult. “The group has a number of projects in progress and I look forward to reporting further at the end of the financial year,” Wollenberg said.

The company’s total portfolio under management is valued at more than £28m. It is primarily located to the west of London, close to Heathrow Airport and in Surrey and Berkshire.