Mucklow (A&J) Group : MKLW – interim results

Figures announced for the six months ended 31 December 2013 disclose  a fall in earnings per share for the period (from 11.4p to 10.4p) but an uplift in Mucklow’s EPRA NAV from 305p to 317p. Net debt rose slightly but not enough to shift the gearing ratio from its level of 41%. The vacancy rate in the portfolio fell from 6.7% to 6.2%.

Mucklow say demand for Midlands industrial property is picking up and, in some areas, rents are edging up. They bought a 62,000 sq ft unit in Halesowen in September for £3.7m, this also has an acre of expansion space, and also bought three retail properties next to a Sainsburys in kings Heath, Birmingham.

They have two sites they are looking to develop – 20 acres at Signal Point, at Tynsley in Birmingham, and 6 acres at Apex Park, Worcester (where they are planning to build a 115,000 sq ft facility for Worcester Bosch.