The Conygar Investment Company PLC on Tuesday said its net asset value surged in its recent financial year due to a large placing of the company’s own shares.

NAV increased 9.2% to £124.6 million in the 12 months that ended September 30, from £114.1 million the year before, comprising a £10.5 million uplift from the placing of 7.1 million shares net of a £53,000 loss in the year.

However, NAV per share declined to 208.9 pence from 217.4p last year as a result of issuing the placing shares.

Over the course of the year, Conygar disposed of two development sites at Selly Oak, Birmingham and Parc Cybi, Holyhead which were completed in the year, creating a combined net profit of £3.6 million.

A further £23.6 million was invested in The Island Quarter, Nottingham during the year to progress various phases of this mixed-use development. This has resulted in a valuation of £93 million at September 30, equating to £2.5 million per acre.  

Development has been completed and trading commenced in September for the first phase of The Island Quarter, comprising the restaurant and events venue at 1 The Island Quarter.

Chief Executive Robert Ware said: ‘Whilst we cannot isolate ourselves from the consequences of this market uncertainty, we will continue to cautiously move our development programme forward, with a particular focus on the targeted and efficient use of the group’s existing and anticipated cash deposits.’

This will include the further advancement of the designs and planning submissions for The Island Quarter, ‘as and when our cash flows and market sentiment allows’.

Conygar Investment declared no annual dividend.

Conygar Investment shares closed up 0.9% to 117.00p on Tuesday afternoon in London.

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