• Wed. Nov 20th, 2024

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North East property fund announces positive results despite sector challenges

TOC Property Backed Lending Trust PLC (PBLT) managed by Newcastle upon Tyne-based wealth management and property lending specialist, Tier One Capital Ltd, has achieved another year of encouraging growth, expanding its portfolio of property backed loans supporting property investment and development projects in North East England and Scotland.

Announcing its full year trading update for the financial year ending 30 November 2020, the London Stock Exchange-listed investment company achieved annual revenue of £2.346m, an increase from £2.222m in the previous year.   The company generated a pre-tax profit of £856,000 and returned a dividend of 3p per share throughout the year.

The results demonstrate another positive year for PBLT as the company passed its fourth anniversary in January 2021, despite ongoing uncertainty and challenges in the current Covid-19 environment.

Ian McElroy, Chief Executive of Tier One Capital Ltd, the investment adviser to PBLT said: “As advisers to PBLT we are delighted with these very positive set of results.  During the trading period covered we have encountered some challenging and turbulent financial trading conditions not least the prospect surrounding a no deal Brexit and the ongoing issues related to the Covid-19 pandemic.

“That said, we continue to have confidence in the strength of the North East and Scotland property markets whilst mindful of uncertainty that may lie ahead as the country emerges out of lockdown.  The fund continues to provide high quality, experienced property developers in the regions with an alternative and effective source of funding, providing the opportunity for longer term positive returns for investors.

“We therefore remain confident that our solid relationship-led approach with our borrowers will give the fund the best opportunity to progress and grow further.”

Brendan O’Grady, Fund Manager at Tier One Capital Ltd, added “Although 2020 has proved to be another positive year in the progression of the fund, like most other investment funds supporting regional property developers, we remain diligent of the challenges ahead, but excited by the opportunities that will likely present themselves.

“We continue to release further substantial funds into the market place and we look forward to continuing to support the build-out of new housing stock and the creation of construction sector jobs, both of which remain as important as ever to the development of the economy.”