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London & Associated Properties surges on upbeat outlook, Bisichi results
(Sharecast News) - Shares in London & Associated Properties surged on Friday after the real estate group reported a return to profit in the first half, while the stock was boosted by its investment in South African coal miner Bisichi. As well as a number of retail and industrial properties in the UK, LAP owns a 41.6% interest in UK-listed Bisichi, which saw shares soar by 31% on Friday on the back of its own half-year results.
Bisichi reported a pre-tax profit of £5m for the six months to 30 June compared with just £0.3m a year earlier, as mining production doubled and mining costs at its Black Wattle Colliery operation declined, which helped to offset falling coal prices.
As for LAP's own results, pre-tax profit jumped to £4.2m from a loss of £2.5m previously, while net asset value remained stable at £28.6m.
The company said its property portfolio saw continued strong tenant demand, with occupancy levels elevated at 95.5%, though down from 98.4% last year.
"LAP's options for enhancing performance have been limited by interest rates and inflation," the company said in a statement. "The recent and forecast easing of these pressures, combined with the ongoing drive to reduce overheads and Bisichi's forward looking performance outlook, should enable LAP to deliver improved returns for shareholders."
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