Business
Final Results & Notice of AGM
Final Results & Notice of AGM.
About this update from Gs Chain Plc
[{"type":"text","content":"\n \n 28 May 2010\n\n GSC Property Holdings plc \n\n PRELIMINARY ANNOUNCEMENT OF RESULTS FOR \n\n THE 12 MONTHS TO 31 DECEMBER 2009 \n\nKey points:\n\n* Turnover rises 7 per cent to £8,342,418 (2008: £7,793,240)\n\n* Full year dividend 3 pence (net) per share (2008: 3.5 pence)\n\n* Net asset value at year end 176 pence per share (2008: 175 pence)\n\nMark Rubin, Chief Executive commented:\n\n\"Our risk averse strategy, which has served the Company well for many years,\nremains unchanged. Last year I expressed confidence in the resilience of our\nlong established business model and these results vindicate that view and\nemphasize the underlying strength and robustness of GSC.\"\n\n ------------------------------------ \n\nFor further information please contact:\n\nMark Rubin, Chief Executive 01702 293300\n\nJonathan Williams, Bishop Fleming (Corporate Adviser) 0117 910 0250\n\nAnthony Spiro, Spiro Financial (Press and Investor Relations) 020 8336 6196\n\n ------------------------------------ \n\nGSC Property Holdings specialises in commercial property investment in the UK.\nThe company's strategy is to spread risk through building a diverse portfolio\nto minimise exposure to any single end use or geographical area. Our objective\nis to add maximum value for shareholders.\n\n ------------------------------------ \n\n CHAIRMAN'S STATEMENT \n\nI am pleased to report that the GSC has delivered a solid set of results for\nthe year to 31 December 2009, which is an excellent achievement considering the\ncontinuing harsh trading environment. The deep recession resulting from the\n2008 banking crisis, coupled with the ensuing depressed levels of consumer and\ncorporate confidence, created a very difficult business climate.\n\nThe Company's turnover was seven per cent higher at £8,342,418 compared with £\n7,793,240 in 2008. The operating profit for the period was £5,781,454 (2008: £\n2,058,313). The comparative administration costs and operating profit for 2008\nincludes the fair value adjustment of £2,500,000 which was previously shown as\nan exceptional item. The net asset value of the Company remains virtually\nunchanged at 176 pence per share (2008: 175 pence)\n\nThe financial performance for the year under review was most creditable and\ndelivered a clear demonstration of the inherent strengths of the GSC business\nmodel. We sta...