25 May 2012

Propan looks at acquisition

22/07/2002

Aim-listed Propan Homes, the south-east England residential property developer, is considering another acquisition in the same field after increasing pre-tax profits by 28.5 per cent to £2.5 million in the year to March, writes Robert Tyerman.

In April, serial investor Nigel Wray took a 4.85 per cent stake in Propan (PPH), which increased turnover 29.5 per cent last year to £13 million. Company sources suggest Propan is on track for £3.7 million pre-tax in the current year, for earnings 27 per cent ahead at 3.8p a share. With house prices up 7.4 per cent in the first four months of this year, Propan has increased its land bank, partly from retained profits and partly from a £3 million share placing in March (to which Artisan's Stephen Dean contributed). Selling a Lincolnshire site from related company Sitemaster, bought in March, and, soon, a Kensington property in London, should slash gearing from its year-end 200 per cent and allow Propan to consider acquisitions – one of which, it seems, is now in the frame. Propan's Chris Johnson says its market is so far still making progress, despite London's peaking-out fears. Site owners convinced their land should appreciate faster than built houses and obfuscatory planning authorities are his chief gripes. The company, which says it rejected a recent offer from a fully listed shell company to turn its Kensington investment into a property investment concern, is now considering an (unnamed) acquisition. At 14.25p, the shares are 0.25p up on the results, but still less than half of previous peaks.

Companies: Park Plaza Hotels

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