Business
Interim Report
Interim Report.
About this update from Panther Securities Plc
[{"type":"text","content":"\n \nRNS Number : 5316S Panther Securities PLC 25 September 2014 \n \n\nInterims Results for the six months ended 30th June 2014\n \n25th September\n \n \n \nChairman's Statement\n \n \nResults\nI have pleasure in reporting our results for the six months ended 30th June 2014 which show a profit before tax of £3,235,000 (excluding discontinuing operations relating to M.R.G. Systems Limited) (\"MRG\").\n \nYou may note the format of the accounts has changed slightly with the results of MRG being shown separately as we have put this business up for sale.\n \nOur rents receivable during this accounting period amounted to £6,124,000 compared to £6,151,000 for the comparable period last year. \n \nDuring this period we renegotiated the terms of our bank loan so that a scheduled loan repayment of £3,000,000 was due in late July has been reduced to £1,000,000, leaving us with additional resources to invest. However, the final documentation was not completed until after 30 June thus these accounts show the full repayment due as a current liability.\n \nPart of the arrangements for this reduced loan repayment involved an independent revaluation of a number of the larger investments charged to the bank. This has been incorporated into a directors' revaluation showing a surplus of £2,992,000, with a substantial element relating to Wimbledon Studios, taken to our balance sheet and credited to our income statement.\n \nSet against this property revaluation gain is an increase of £706,000 in our swaps liability.\n \nAcquisitions during the year\n \nPark Road, Peterborough - We completed the contract for this department store on 21 March 2014 at a purchase price of £2,000,000. The freehold property has 150,000 sq ft spread over three floors in the town centre and adjoins the successful Queensgate Shopping Centre in this growing, prosperous town.\n \nQueen Street, Mansfield - In return for completing Peterborough early, we received an extension of time to complete this property purchase and also increased our deposit by a further 5% of the purchase price.\n \nThis property, which is mainly freehold but also part long-leasehold, is effectively two properties totalling 180,000 sq ft. The freehold directly fronts onto the main pedestrianis...