Business
Interim Results and Dividend Announcement
Interim Results and Dividend Announcement.
About this update from Gs Chain Plc
[{"type":"text","content":"\n \n 29 September 2008\n\n GSC Property Holdings plc \n\n Interim results for the 6 months to 30 June 2008 \n\nHighlights:\n\n * Profit before interest rises 18.7% to GBP3,105,874 (2007: GBP2,615,743)\n \n * Income up 4.4% to GBP3,980,948 (2007: GBP3,814,684)\n \n * Dividend to be 2.0 pence (net) per share (2007: 2.5 pence)\n \nMark Rubin, Chief Executive commented:\n\n\"While GSC is not immune to the current market turbulence, the impact is small.\nThe company has a conservative balance sheet characterised by long term bank\nfinance at fixed rates and a portfolio of well let commercial investments. We\nare poised to act quickly should investment opportunities arise which we\nbelieve are in the interest of shareholders.\"\n\nFor further information please contact:\n\nMark Rubin, Chief Executive 01702 293 300\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\nCHAIRMAN'S STATEMENT FOR THE CONSOLIDATED UNAUDITED GROUP RESULTS FOR THE HALF \n YEAR ENDED 30 JUNE 2008 \n\nI am pleased to report that rental revenue in the six months to 30 June 2008\nincreased over four per cent to £3,980,948 (2007: £3,814,684). Operating profit\nfor the period rose over 20 per cent to £3,105,874 (2007: £2,575,743).\n\nThe directors have declared a dividend of 2.0 pence per share (2007: 2.5 pence\nper share). It will be paid on 7 November 2008 to shareholders on the register\non 20 October 2008.\n\nConditions in the UK property market became increasingly difficult during the\nfirst half of the trading year as the \"credit crunch\" and associated lack of\nliquidity put over-borrowed businesses under pressure. GSC is riding out the\nturbulence well because its long established, conservative and low risk\nstrategy has ensured that the company is soundly financed with long term debt\narrangements at fixed rates.\n\nThe continuing financial turbulence coupled with uncertainty on valuations ha...