Directors at North East listed property investment fund Develop North Plc have boosted its loan book, despite challenging conditions.
The company – a fund launched seven years ago to build up a development cash pot – announced results for the year ended November 30 2022, in which loan facilities reached £25.5m, an increase of more than 40% on the previous year and the highest since 2018. The loan facilities are deployed across a portfolio of 17 projects, including two new developments, both in Northumberland.
The firm, which changed it name from TOC Property Backed Lending Trust last May, saw investment interest increase by 8% from £1.64m to £1.78m but pre-tax profit dropped from £929,000 to £514,000. The company, managed by Newcastle based wealth management and fund management specialists Tier One Capital Ltd, saw an increase in earnings per share from 3.1p to 3.7p and returned a dividend of 4p per share.
