Real estate investment trust A&J Mucklow Group saw profits soar in its first trading half thanks to some exceptionally positive asset revaluations.
Mucklow's statutory pre-tax profits for the six months leading to 31 December rose to £29.9m from the £9.1m it saw twelve months earlier; however, underlying pre-tax profit was mostly unchanged, rising just £100,000 to £8m.

Cushman & Wakefield revalued Mucklow's property portfolio on 31 December, saying that its investment properties and development land were valued at £402.8m, 3.6% up from the £386.9m it was said to be worth on 31 June 2017.

The firm declared an interim dividend of 10.18p per share, up from the 9.88p posted a year prior, and EPRA earnings per share grew 2.7% to 12.88p.

Shareholders' funds rose to £318.9m from the £296.7m seen at the end of the previous financial year, while net debt to equity gearing and loan to value reduced to 23% and 18% respectively – from 26% and 20%.

“Market conditions for industrial and commercial property in the Midlands continue to look favourable for the second half year,” Mucklow said.

“Assuming all lettings currently under offer complete, the additional rental income we should receive from a reduction in vacant space, will comfortably offset the annual rental income lost from the £20m of property disposals agreed in the first half year,” the group added.

As of 0930 GMT, shares had gained 2.04% to 500.00p.