Chelsfield back into black
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Elliott Bernerd's Chelsfield, which owns 90 per cent of the giant Merry Hill shopping centre near Birmingham, said the company's underlying performance "is somewhat stronger" than the 7.5 per cent increase in half- year profits would suggest.
The property group came under severe pressure during the recession, but has bounced back to report pre-tax profits for the six months to 30 June of pounds 4.3m. Chelsfield's shares fell 3p yesterday to 184p, compared to the float price two years ago of 155p. The half-time payout rose from 1.0p to 1.1p. Net assets per ordinary share rose from 161.6p to 179.1p.
Mr Bernerd said: "The interim results reflect a satisfactory operating performance in market conditions which remain subdued.
"The improvement in underlying performance is somewhat stronger than the headline figures would suggest and we are continuing to build the income base of the group."
Last time's results benefited from the reversal of a previous pounds 1.8m provision. This half-year was hit by a pounds 500,000 bill for administrative costs when Chelsfield bought the Chesham Place Estate in London's Belgravia for pounds 48.5m.
Mr Elliott said he is pushing to gain planning permission for a big expansion of the Merry Hill centre in Dudley, West Midlands. He is also helping to co-ordinate two investor groups to redevelop a 35-acre site in London's White City. Sums of pounds 500m have been mentioned in relation to Mr Elliott's plans to build the biggest single shopping centre in West London.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments