Quintain Estates Moving Towards Profitability In Fy 2009-10

Quintain Estates and Development plc, the urban regeneration developers at Wembley

City and Greenwich Peninsula, today reported on it's FY to March 31st 2010, that it had reduced it's pre-tax losses on the previous year from 129.1 million to just 10.1 million.

During the year the business had to be recapitalised with a 183.1 million rights issue, so that after adjusting for that the diluted NAV per share was down 1.5% from 135p last year to 133p.

The business is also engaged in fund management, with 1.01 billion of assets under management, which it hopes to double within 3 years. It manages it's own healthcare and student accomodation assets along with those held in joint ventures and pure third party ownership.

The loss was mostly generated by the sales of investments at below book values. The stake in the O2 Arena released 11.8 million of capital for Quintain, when it was sold last October.

Adrian Wyatt, Quintain's Chief Executive, commented:

"Throughout the period we have progressively reinforced the business: the cash repatriation target was achieved ahead of schedule, overheads were reduced by a further 12.4% and the Company undertook a transformational rights issue. The combined result of these activities was to reduce debt materially, adding considerable strength to our balance sheet and building a secure platform from which to focus on delivering value.

"Although the UK may well be facing a period of slow economic growth, or even decline, this should not impede reaching our primary target of being recurring cashflow-positive or impact materially the value we intend to capture from our regeneration schemes. Through careful financial management and prudent implementation of our strategy, we remain focused on the delivery for shareholders of strong and sustained returns. "

by: UkBiz

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