Big spender Frogmore doubles up
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A pounds 70m spending spree helped Frogmore Estates, the property company, to more than double profits to pounds 6.4m in the six months to December, writes Heather Connon.
The increase, from pounds 2.8m in the previous period, was achieved on turnover a third higher at pounds 29.7m. The largest increase came from its housebuilding joint venture, where sales rose from pounds 8.2m to pounds 15.2m. The group expects to increase its completion rate from 443 to 700 for the year as a whole.
Phillip Davies, managing director, said much of the sales increase was due to the purchases it had made since its pounds 43m rights issue in June. Among the acquisitions were a shopping centre in Hampshire and a portfolio of properties from the rival property company, Dwyer. The group is planning further purchases and Mr Davies said borrowings of pounds 74.3m, or 37 per cent of net assets, gave it adequate resources.
He added that prices in some parts of the property market were now softening, partly because of the fall in gilt prices but also because 'some values were overcooked'.
Earnings per share were 13.4p, up from 6.7p, and the dividend is increased by 8.6 per cent to 3.8p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments