30 September 2011 – interim results

The specialist European care home real estate investment and financing company has reported adjusted earnings before tax of £5.0m in the six months to 30 June with adjusted earnings per share of 4.9p.  Perhaps of more importance to shareholders is the adjusted net asset value per share, which was 148.3p at the end of June.  Gearing stands at 50% which is not excessive for a property group such as this.  An interim dividend of 2.5p was declared.  The group is very aware that the share price stands at a significant discount to NAV and is commencing a review to see what options are available to reduce this.  Any success in this area can only be beneficial and the shares are a BUY.