Cardiff Property PLC on Thursday said profit grew in its most recent financial year, as the commercial property market began to show signs of recovery.

The Surrey, England-based property investor and developer said pretax profit in its financial year that ended September 30 grew 7.4% to £1.4 million from £1.3 million the year before.

Its net asset per share at September 30 was £29.31, up 3.0% year-on-year from £28.44.

Revenue rose 3.1% to £683,000 from £662,000, while other operating income increased 4.5% to £676,000 from £646,000.

Its fair value loss on its investment properties slimmed to £23,000 from £332,000 last year.

Cardiff Property declared a total dividend of 23.5 pence per share, up 6.6% from 22.0p last year.

Chair Richard Wollenberg said: ‘During the year, activity in the Thames Valley commercial property market has continued to show some signs of recovery albeit at a slow pace.

‘The group including Campmoss owns a retail portfolio primarily located in Bracknell, Berkshire, and Egham, Surrey, which has shown resilience with minimal turnover of tenants, the majority having traded for a number of years. Lease renewals have been agreed at existing levels whilst the group has benefitted from previously agreed fixed annual rental increases.

‘Commercial property investment yields have remained similar to last year and it is encouraging to note that the market has seen a number of investment sales recently completed without any further decline in values. Tenant enquiries have increased with recent lettings at our office property in Egham at levels including a small increase in rental levels.’

Shares in Cardiff Property were up 4.4% at 2,400.00 each in London on Thursday afternoon.

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