Business
Final Results
Final Results.
About this update from Panther Securities Plc
[{"type":"text","content":"\n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \n Panther Securities P.L.C.\n \n (“the Company” or “the Group”)\n \n Final results for the year ended 31 December 2019\n CHAIRMAN’S STATEMENT\n I am pleased to present our accounts for the year ended 31 December 2019 even though they show a loss of £4,093,000 after allowing for a tax credit of £870,000. This loss is mainly due to a directors’ revaluation of our entire portfolio amounting to an £8,832,000 decrease in value.\n Our rental receivable during the year ended 31 December 2019 amounted to £14,226,000 compared to the previous year of £13,607,000 despite having sold over £40,000,000 of property during the previous year. The income lost from these sold properties has more than been replaced by purchases probably costing less than half the capital received from the earlier sales.\n Disposals\n Victoria Street, Wolverhampton\n This freehold corner site which had been cleared after receiving planning permissions for two alternative developments was sold for £710,000 against a previous book value of £150,000.\n Skinnergate, Darlington\n A large, vacant freehold shop in Skinnergate, Darlington, with a book value of £400,000, was sold to the local council for £355,000 after being vacated by Argos PLC following their takeover and reorganisation by Sainsbury’s. This property was on the point of being let to a well-known multiple who withdrew a few days before signing the lease. This was due to House of Fraser and Marks & Spencer both announcing they were closing their stores in the town only the previous week. Large stores are, of course, vital to town centres as they draw in shoppers thus helping all town centre traders, large and small. I am not sure central government even now understand this point.\n High Street, Kings Lynn\n Whilst not really a disposal, this single unit, let to a charity shop, experienced a fire that completely destroyed the unit. We received insurance proceeds of which £145,000 has been treated as value over its book value, after we have provid...