Robert Adair's Scottish-based property group is now trading at its highest point since the merger of CapitalTech and Westview last year, following results for the year to April showing pre-tax profits of £2.2m and a year-end net asset value (NAV) of 27.9p. The company is on the lookout for acquisitions as well as institutional investors to come in and dilute Adair's 83% holding. It owns a mixture of low-cost residential property, predominantly in Scotland and the North-East of England, and commercial property - from the old Westview business - occupied mostly by services companies and government agencies across the country. It seems like a prudent, well-run organisation, and still trades on a reasonably low rating of 11.6 times earnings and 34% below NAV. However, gearing is high at 127% and interest payments totalled £3.3m during the year - more than the group operating profit of £2.5m. So, in fact, the company would have made a loss of £1m were it not for profits on the disposal of investment properties, totalling £3.2m. For the future, the company is looking to its commercial development projects to reap fruit. It will also continue to buy back shares and examine the possibility of further corporate activity. However, at the moment there is little scope for upside.