Revenues for the year ended 31 December 2010 are expected to be around £128m with anticipated underlying trading profit in line with management expectations, the company said.
In its pre-close trading statement, the company said: “Subject to audit, the disclosed trading profit is expected to be higher than underlying profit, following credits to the Statement of Comprehensive Income arising from the pension scheme liability management exercises undertaken in the second half of the year. Property valuations are anticipated to be largely unchanged from 30 June 2010 as investment values have since been relatively stable. Having renewed our bank facilities in 2009 for three years, the group's balance sheet remains robust, with gearing at the year-end of approximately 6% (2009: 18%).
“In the short term, the board remains focused on maximising the returns from the group's businesses whilst continuing to manage debt levels prudently. Selectively, profitable development opportunities are now beginning to emerge and over 2011 and 2012, we hope to begin to reinvest resources back into these areas of activity. In the longer term, as the nascent economic recovery gathers momentum, the board believes that the group will increasingly capitalise on its store of assets and opportunities, capable of generating excellent returns as markets improve, and therefore remains optimistic about the group's future prospects.”
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