Urban&Civic (UANC) - previously a privately-owned property developer - is still wading through a major transformation following the reverse takeover of Terrace Hill last month. Indeed, these half-year figures only relate to Terrace Hill. The deal was financed through a £170m share placing and the new entity was also renamed Urban&Civic. At the same time, the new entity moved its listing from Aim to the main market.
These figures reveal nothing about Urban&Civic’s performance over the half and the first set of results for the enlarged operation will cover the nine months to 30 September 2014. These will report Urban&Civic's performance for the nine months and Terrace Hill's from 22 May 2014 (the date of the acquisition).
At the former Terrace Hill, trading in the half was marked by the sale of two sites for less than their previous carrying value, as management saw little potential for future development gains here. Consequently, adjusted book value fell from £61.3m at end-September to £55.9m. Meanwhile, at the two strategic land sites which are already owned by Urban&Civic - in Alconbury Weald near Huntingdon and a site in Rugby - the planning process is progressing well towards building a potential 11,200 homes.
| URBAN&CIVIC (UANC) | ||||
|---|---|---|---|---|
| ORD RICE: | 246p | MARKET VALUE: | £346m | |
| TOUCH: | 244-248p | 12-MONTH HIGH: | 368p | LOW: 200p |
| DIVIDEND YIELD: | nil | DEVELOPMENT PROP: | £48.9m | |
| PREMIUM TO NAV: | 3% | |||
| INVESTMENT PROP: | nil | NET DEBT: | 33% | |
| Half-year to 31 Mar† | Net asset value (p)* | Pre-tax profit (£m) | Earnings per share (p)* | Dividend per share (p) |
|---|---|---|---|---|
| 2013 | 280 | 5.6 | 20.6 | nil |
| 2014 | 240 | -5.2 | -24.3 | nil |
| % change | -14 | - | - | - |
Ex-div: - Payment: - *Adjusted to reflect the one-for-10 share consolidation on 22 May 2014 †Figures relate to Terrace Hill only | ||||
