Daejan pre-tax profits up

Daejan Holdings posts pre-tax profits of £65.1 million for the six months to the end of September (2015: £58.9 million) after accounting for the net valuation gain on investment properties of £38.6 million (2015: £35.5 million).

The property portfolio has been valued by the directors based on the recommendations of the group's external advisers and continues to show modest growth in both the UK and US.

Daejan says: "We continue to see some increase in rental income in the UK and USA. The significant reduction in the sterling/dollar exchange rate in this period has resulted in USA reported rental income increasing by £2.4 million and has, on the balance sheet, produced an overall net translation gain of £20.0 million (2015: £3.7 million loss)."

At 9:17am: (LON:DJAN) Daejan Holdings PLC share price was +95p at 5705p