Gresham House’s net asset value fell from 445.1p to 378.5p over the year ended 31 December 2013. most of the fall can be accounted for by write-downs in the valuation of the company’s investment properties and the fall in value of one of its equity investments – Memorial Holdings (a cemetery company which lost its funding from Ulster Bank).
On the property side they had to make provision for additional ground works needed to make their development at Newton-le-Willows viable.