Low interest rates fail to revive Peel
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.PEEL Holdings, which won a long- running battle last September to take over the Manchester Ship Canal Company, said yesterday that although falling interest rates had boosted property prices, the market remained weak.
John Whittaker, chairman, said that there had been no improvement in the letting or occupier markets, where rents had remained static and tenant demand modest.
He added that the current surplus of space was making it tough to convert interest into actual tenancies. Letting activity at Salford Quays, the waterfront development in Manchester, remained slow.
Low occupier demand meant that fewer leases were being renewed, cancelling out pounds 1m of new lettings during the half year to September. Empty space in the group's portfolio had a potential rent roll of pounds 5.5m, a quarter of the actual rents received of pounds 20.1m.
Pre-tax profits rose 35 per cent to pounds 2.21m ( pounds 1.64m), but after a pounds 1m (nil) tax charge there was a loss per share of 0.61p (0.95p loss). The interim dividend rose 30 per cent to 1.3p, although the company warned that the increase did not imply a similar increase at the full year.
The shares, which have more than doubled over the past year, closed 1p lower at 368p.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments