Terrace Hill NAV climbs 7.2%

Terrace Hill Group reported its net asset value per share rose 7.2 percent to 48.3p from 45.1p a share in the 11 months to the end of October. Pre-tax profit for the period came in at £8.4m compared with a loss last time of £26.7m.

Robert Adair, chairman, attributed the improvement to several trading successes and the continued recovery in the value of company assets following the success it saw in the first half of the year.

“Although economic uncertainty continues to affect our markets we have shown our ability to generate strong, low risk returns by concentrating on our core expertise of pre-let development, particularly foodstores and central London offices, and residential asset management,” he said.

“In the coming year I am therefore confident that we will be able to continue to perform well and add value to the business”. Furthermore, Adair said completion of the Heaton Park site, in Manchester, to Sainsbury’s was imminent.