Propan Homes

Propan produced another set of relatively poor figures at the interim stage, casting serious doubt over whether the residential property minnow is such a good investment after all. Pre-tax profits were down slightly at £788,000 for the six months to September, but even then they were flattered by 'negative goodwill' gains of £693,000 on the purchase of property company Sitemaster earlier this year. Turnover was up 53% to £5.5 million though, making the profit shortfall all the more unimpressive. With most of the fully-listed housebuilders reporting excellent figures, anyone with money in Propan should seriously consider switching it, despite assurances that second half figures are normally better.

Sector: General Financial

Companies: Park Plaza Hotels

Market cap: £9.2m

PE Forecast: n/a

Share price: 13p

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