"Conygar, an ambitious but risk averse UK property trading and
development group, released interim results for the 6-months
ended 31st March 2011 on 24th May that, despite persistently
difficult market conditions, showed the group increasing its NAV by
2.7% to 154.1p per share.
In spite of the continuing difficult property market conditions,
especially outside of London, the group reported relatively steady
progress overall. Headline revenue declined 38.7% from £10,904
million to £6.686 million because of the absence of trading property
sales in the current year (2010: £3.1 million). However, the
underlying decline in rental income was a more modest 14.3%
from £7,804 million to £6,686 million due to the persistently difficult
property market and the loss of rental income following the
disposal of three properties for £8.8 million, for which the group
was unlikely to improve the yield."
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