Caledonian Trust

Tightly-held Caledonian slipped out its final results when few people were looking, but this did not mean that they were no good, as is traditionally the case with Christmas reporters. The Edinburgh-based commercial property company increased its net asset value from 138.6p to 163.5p by the end of June, having made a pre-tax profit of £3.2m during the previous 12 months. The main focus of the year was Aberdeen, where the oil sector is a valued traditional client. With a number of sales having been completed, the focus now switches to the potential development opportunities for about a quarter of the portfolio. Residential development is the favoured route, given expectations that the Scottish housing market will continue to show strength given a continued supply shortage. With a decent spread on the shares, they could be worth picking up on a long-term view, and with a 27% discount to current net assets.

Sector: General Financial

Companies: Caledonian Trust

Market cap: £13.7m

Share price: 119p

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