News

Hawtin NAV up by a quarter

02 May 2007 11:20:00

Property investment group Hawtin upped net assets by nearly a quarter last year and vowed to increase its property portfolio to £100m.

Assets under management ballooned to £14m to £41m at the end of 2006 and have risen to £47m rise as of March. Net assets per share rose to 20.3p against a comparable 16.4p. Profit before tax came in at £642,000 reflecting the sale of Hawtin Park for £5.15m in April 2006.

Since the year end the firm has acquired the former Sanken Power Systems site at Abercynon for £2.5m and in March entered into a joint venture, investing £1.65m for a 50% holding in the former Federal-Mogul manufacturing facility on the Wirral for £6.2m.

Hawtin says the sale of Hawtin Park has enabled it to start to recommence payment of the overdue dividends on the 6.5% cumulative preference shares, when they are cleared it can consider the payment of ordinary dividends.

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