Business
Final Results-Summary
Final Results-Summary.
About this update from Bridgepoint Group Plc
[{"type":"text","content":"\n BPT PLC\n14 June 2000\n\nSUMMARY \n\n \n BPT BEATS NAV MARKET EXPECTATIONS AT 373p PER SHARE\n\nThe Directors of BPT plc (formerly called The Bradford Property\nTrust PLC), the largest quoted owner of tenanted residential\nproperties in the private rented sector in the UK, reports its\npreliminary audited results for the year ended 5 April 2000.\n\nFinancial Highlights\n\nOperating profit increased 13% to £51.0m (1999 £45.3m before\n exceptional items) \nProfit before tax increased 14% to £38.9m (1999 £34.0m before\n exceptional items)\nEarnings per ordinary share increased 13% to 18.43p (1999 16.34p before\nexceptional items)\nDividend per ordinary share increased 9% to 10.70p (1999 9.80p)\nNet asset value increased from £409.5m to £548.9m\nNet asset value per ordinary share increased 34% to 373p (1999 279p)\n\nCorporate Highlights\n\nValue of property portfolio increased in year from £565.9m to £760.8m.\nStrong growth in housing values, especially in the South East of England,\nsupported by external sample valuation from Allsop & Co Invested over\n£100m in year in acquiring residential properties including five corporate\nacquisitions.\nNumber of residential property units increased in the year from 10,734 to\n11,390.\nFirst entry in the public eurobond market through the issue of £75m 6.90% Bonds\n2014 in July 1999.\n\nComment on the prospects for the group, Chairman Philip Warner said:\n\n'Although the exceptional rate of growth since early 1999 in UK\nhousing capital values is unlikely to be sustained, continuing\nfavourable fundamentals such as relatively low interest rates lead\nthe Board to anticipate continued growth throughout 2000.\n\nIn addition, the Internet and e-commerce offer new opportunities\nfor marketing residential properties for rent, which the group is\nactively pursuing.\n\nFrom the number of proposals being reviewed by BPT's management\nteam, I expect another active year and continuing success in\ndelivering BPT's strategy.'\n\nFor further information contact:\n\nBPT plc Citigate Dewe Rogerson\nTim Watts, Managing Director \nKeeley Middleton\nTel: 020 7638 9571 (today) \nTel: 020 7638 9571 (today)\n 01372 743113 (thereafter)\n 0113 2979899 (thereafter)\nNigel Denby, Finance Director\nTel: 020 7638 9571 (today)\n 01274 723181 (thereafter)\n\n CHAIRMAN'S STATEMENT\n\nReview of the Year\nI am pleased...