Full-year figures from Quintain Estates were overshadowed by major boardroom change. Chief executive and founder Adrian Wyatt is stepping down with immediate effect to be replaced by Max James, who was made an executive director last year, while finance director Rebecca Worthington becomes deputy chief executive. Still, with a hefty and growing debt pile, there are few catalysts for a share price re-rating.
Moreover, Quintain reported another chunky loss after weakness in the secondary property market led to a £40.5m writedown on the value of the property book. But, adjust for that, and pre-tax profits would have reached £5.8m against £3.6m a year earlier. Quintain has also continued to develop key regeneration projects in Wembley and Greenwich. Construction at Wembley of a four-star Hilton Hotel situated next to the stadium is scheduled for completion before the start of the Olympic Games, while a 660-bedroom student block is on track for completion before the start of the academic year. Quintain has also made progress in Greenwich with a project to create 1,400 homes.
Broker Oriel Securities is forecasting that adjusted net asset value for 2013 will remain flat at 125p.
| QUINTAIN ESTATES & DEVELOPMENTS (QED) | ||||
|---|---|---|---|---|
| ORD PRICE: | 35p | MARKET VALUE: | £182m | |
| TOUCH: | 34-35p | 12-MONTH HIGH: | 68p | LOW: 33p |
| DIVIDEND YIELD: | nil | TRADING STOCK: | £21.3m | |
| DISCOUNT TO NAV: | 68% | |||
| INVESTMENT PROPERTIES: | £826m | NET DEBT: | 93% | |
| Year to 31 Mar | Net asset value (p) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2008 | 275 | -54.7 | -14.8 | 5.80 |
| 2009 | 121 | -129 | -39.1 | nil |
| 2010 | 120 | -10.1 | -3.30 | nil |
| 2011 | 116 | -48.1 | -6.70 | nil |
| 2012 | 110 | -43.5 | -6.80 | nil |
| % change | -5 | - | - | - |
Ex-div: - Payment: - | ||||
