Interim Management Statement


 

TIDMHCFT 
 
RNS Number : 1508C 
Highcroft Investments PLC 
09 November 2009 
 
Highcroft Investments PLC 
 
 
Interim Management Statement in respect of the period 1 July 2009 to 6 November 
2009 
 
 
The board of Highcroft Investments PLC today approved the following statement in 
respect of the current trading period which will end on 31 December 2009. 
 
 
Financial performance 
Our focus continues to be on resolving the property voids in Warrington and 
Yeovil.  The public house unit in Warrington has been let to a major operator at 
a rent of GBP50,000 p.a., uplifted annually to RPI on a 30 year lease, with a 15 
year tenant break but this remains subject to licensing. We have recently taken 
possession of the retail unit in Warrington and have begun the marketing 
process. There continues to be interest in the Yeovil unit at a modest level and 
we are currently encouraging a prospective tenant with a good quality covenant 
to take a ten year lease. If this is successful then it is likely to involve 
some capital expenditure in improving the unit. 
 
 
We continue to monitor closely the payment performance of our tenants and we are 
achieving a high level of prompt payment. 
 
 
Dividend income has remained at a generally lower level this year and has been 
particularly affected by lack of income from our holdings in banks. 
 
 
Financial position 
Cash flow remains strong and we have been net sellers of equities. The most 
recent equity portfolio valuation is GBP7.1m.  The lack of significant gearing, 
medium term borrowings now being just over  GBP600k, gives us the flexibility to 
continue to take a medium and longer term view. 
 
 
There are a number of factors affecting the valuation of our properties, as with 
any properties, but we are hopeful that the period since the beginning of 2008 
has seen the worst of the downward valuations. There are signs that the market 
has stabilised and that there may be valuation uplifts in some sectors. 
 
 
 
 
For further information, contact: 
 
 
Highcroft Investments PLC 
John Hewitt     01865 840023 
 
 
Charles Stanley Securities 
Philip Davies                         0207 149 6000 
 
 
9 November 2009 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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