Rents down 4% at Peel’s property arm

PEEL Holdings' Land & Property division, which holds some of its flagship assets such as Liverpool Waters, saw finance charges dent profits last year.

In the year to the end of March operating profits slipped 4% to £44m on revenues of £78.3m, down 1%.

But the bottom line pre-tax profit figure nearly halved to £16.7m, mainly due to higher interest charges of £66.1m.

The company ended the year with net debt £50m lower at £871m but the overall loan-to-value was marginally higher at 61.8% (2013: 6... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...