Palace Capital's H1 pretax profit comes in lower

Palace Capital has booked an H1 pretax profit of £3.9m, from a year-earlier profit of £7.6m.

Net rental income totalled £5.9m, from £7.5m.

Chair Stanley Davis said Palace Capital continued to demonstrate both income and capital growth and believed this set the company apart from peers.

"NAV per share is up to 419 pence per share and proposed interim dividend is 9 pence per share," he said in a statement.

"We have not seen a negative impact from Brexit on our portfolio, which appears to be a London-focused issue, in fact we have seen increased activity in the towns and cities in which we operate.

"We are making headway on several of our strategic assets and with our policy of sourcing opportunities both directly and corporately, I continue to be very optimistic about our future."