Quintain Estates & Development Plc. (QED.L) reported Friday that its fiscal 2015 profit before tax surged to 40.7 million pounds from prior year's 4.7 million pounds.
Adjusted profit before tax, which excluded certain items, was 6.2 million pounds, compared to 4.2 million pounds a year ago.
Profit after tax, meanwhile, declined to 37.9 million pounds from prior year's 52.9 million pounds that was benefited by 41.9 million pounds of profit from discontinued operations.
Earnings per share were 7.2 pence, compared to 10.2 pence last year. EPRA earnings per share were 1 pence, compared to 1.1 pence.
Operating profit for the year was 41.4 million pounds, an increase of 28.9 million pounds, due principally to a valuation surplus higher than last year.
Turnover improved to 57.7 million pounds from 32.6 million pounds a year ago.
Net asset value went up 7 percent to 639.4 million pounds and NAV per share improved to 122 pence from 115 pence last year.
Looking forward, the company said it remains confident about the outlook, supported by London's continued strength as a global city, the low interest rate environment, sustained demand for new homes and Wembley Park's emergence as an increasingly vibrant destination to live, work and visit.
Separately, the London development and investment specialist said it has accepted an offer for its 50 percent interest in the 361 bedroom, four star Hilton hotel at Wembley Park from its joint venture partner, Oaktree Capital Management L.P., for a gross consideration 40 million pounds in cash.
The proceeds will enable the company to accelerate the construction of homes at Wembley Park, where 475 apartments are on site at Emerald Gardens.
Quintain secured detailed planning consent in February for a 362-home development on the adjacent plot. Quintain holds outline planning consent for approximately 4,000 more homes at this location.
In London, Quintain shares ae currently trading at 105.50 pence, up 0.48 percent.
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