Quintain sets milestones

Quintain Estates and Development has set new milestones for the next year aimed at establishing Wembley City as a thriving retail and leisure destination. The company will also re-invigorate development at Greenwich Peninsula, in south-east London, and grow the specialist fund management business further.

Quintain widened full-year pre-tax losses from £10.2m to £48.1m, reflecting valuation writedowns in the first half of the year. Adjusted diluted net asset value per share stood at 125p compared with 133p as of March 2010.

Adrian Wyatt, chief executive, said: “In the last 12 months, we have stabilised the company further creating a solid platform for future growth in value and revenues.

“Our urban regeneration programme is strategically placed to benefit from London’s strength as a global financial centre and the benefits this brings to its wider economy. In particular, we expect this to lead to a sustained rise in residential values.

He said the company’s specialist fund management business continued on its growth path with £267m (26 percent) added to assets under management during the period.