At first glance, half-year numbers from Wales-focused property group Conygar (CIC) don't look that encouraging, but the underlying picture was brightened up by continuing progress in the development programme and a strong balance sheet.
Headline losses reflected a devaluation in the property portfolio as a result of assets held in Aberdeen, where business in general has been hit badly by the slump in oil prices. However, this could have been a lot worse had the group not elected to reduce its exposure significantly, selling two buildings in 2014 for a surplus over book value. In the six months to March this year, there were three disposals at Hinckley, Horsham and Runcorn, raising £5.4m, which is just a shade under the September 2015 book value. Consequently, rental income fell by nearly a quarter to £4.56m.