A&J Mucklow has announced interim results for the six months ended 31 December 2014. Over the period its EPRA net asset value rose by 8.9% from 358p to 390p on property revalued upwards by 6.9% (industrial property increased in value by 8.4%; offices by 5.8% and retail property by 3.1%. Occupancy was better, at 94.3% from 93.3%). Earnings per share on an EPRA basis slipped very slightly from 10.41p to 10.38p. The interim dividend has been increased by 3% to 9.31p.
They have development plans, a planning application will be submitted shortly on their 19 acre site at Tyseley, Birmingham. The site will accommodate 350,000 sq ft of industrial and warehouse buildings, ranging in size between 50,000 and 110,000 sq ft. They are looking to pre-let this.
The company’s gearing fell from 30% to 27% as net debt fell to £65.4m.
MKLW : A&J Mucklow plans 350,0000 sq ft development at Tyseley