Master developer Urban&Civic has reported a pretax loss of £8.1m due to lower land valuations, less land promotion and fewer commercial sales.
The declines were attributed to uncertainty caused by the coronavirus pandemic and compare to a profit of £16.3m a year earlier.
In results for the full year ended 30 September, Urban&Civic reported revenue of £57.2m, against £102.1m in 2019. It has contracted on forward sales of £101.6m, in line with the same levels last year.
The developer confirmed an EPRA NAV per share of 343.2p, which it has clawed up from 318.3p at the end of March.
The business is currently waiting for the shareholder vote on a £506m takeover bid from the Wellcome Trust which values the company at 345p per share. For the deal to proceed, 75% of Urban&Civic’s shareholders must vote in favour. This is expected to complete by 21 January 2021.
Chief executive Nigel Hugill said: “The fundamental strength of the Urban&Civic model has been demonstrated through this most testing of years. Confident capital investment and rethought housebuyer priorities have contributed to post July sales and prices reaching best ever levels.
“The alignment with the investment horizons and community building aspirations of Wellcome is very evident.”
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