Profits more than double at London developer now focusing on Dublin
LONDON property firm Development Securities remains bullish on the Irish market, as it posted record profits for the last year.
The firm, which is involved in a number of sites around Dublin, said profits more than doubled to £45.3m in the year to the end of February.
In a statement to the London Stock Exchange, DevSecs said its net asset value - a key measure of the success of a property firm - increased 8.4pc to 284 pence.
DevSecs is heavily involved in the Irish market. It is partnering with Johnny Ronan, far right, and Paddy McKillen, right, on a planned new office block at Burlington Road in Dublin 4.
It is building apartments and retail at Percy Place off Baggot Street in the city, while it has also plans to redevelop Donnybrook House in the couth of the city and has purchased another property on Charlemont Street in Dublin 2.
The company, which has built some of the best known properties in London, said its Dublin-located assets offer "competitive advantage and strong underlying fundamentals, namely proximity to existing or planned transport hubs or major infrastructure networks, access to strong labour pools and tension between supply and demand".
"The quality of the product that we are known for sets us apart from the competition within these markets, allowing us to outperform with regard to rental values," DevSecs added.
Company chief executive Michael Marx, who will be replaced by Matthew Weiner later this year, said the increased profits were "largely driven by a step change in the level of development and trading gains realised, leading to a material increase in shareholder distributions".
Shares in the company rose sharply on the results.
The stock added 6.6pc to hit 250 pence in London.
The shares are up more than 14pc in the past 12 months.