Announcing interim results for the six months to 30 September, the firm reported pre-tax profits down from £4.8m to £2.1m this year, with turnover down from £27.8m to £23.4m.
Developer Quintain has taken a £2.7m hit on its pre-tax profits after paying for a temporary replacement for Wembley arena.
Announcing interim results for the six months to 30 September, the firm reported pre-tax profits down from £4.8m to £2.1m this year, with turnover down from £27.8m to £23.4m.
However, the firm’s net asset value per share rose from 363p to 431p, up 18.7%.
The temporary venue was needed because Quintain is revamping the current Wembley Arena. It has recently signed a 15-year contract with a “world class promoter” for the new arena.
Chairman Nigel Ellis said: “Mindful of the need to keep music alive at Wembley, so protecting the operational business and enabling us to deliver the deal set out below, the board took a difficult decision to open and maintain the temporary pavilion, despite a challenging year when many high-profile stars cancelled tours. The cost of the building was fully provided for at the half year giving rise to a £2.7m loss.”
He added: “The signing of this contract immediately removes the operational risk in relation to the arena, giving Quintain guaranteed revenues and a performance-related profit share, and allows us to concentrate on delivering value from developing the surrounding property.”
The firm paid out a dividend per share of 3.25p, up from 2.75p last year.
