Property company back in the black after dour times in 2006

Property company Minerva has said that London office and high and residential markets remain ‘robust’ after posting a pre-tax profit of £16.3m for the year ended June 30.

The profit compares with a loss of £6.9m in 2006. Net asset value per share rose 5.3% to 327.9p from 311.5p last year.

Oliver Whitehead, Minerva chairman, said: “While share prices in the quoted real estate sector have experienced much volatility in the past few months, the City of London office and high-end London residential markets remain robust. We believe the quality and focus of our property portfolio leaves the Group well positioned.”

However, the company’s share price fell this morning after analysts raised concerns about the group’s long-term projects. Shares were down 2.9% at 260.5p this morning.

Minerva's portfolio includes the 550,000 square feet St Botolph's office and retail development in the City of London and the Park Place retail centre in Croydon, south London.