GRIF net asset value up

Ground Rents Income Fund posts a pre-tax profit of £20.2 million for the year to the end of September, including £16.6 million valuation gain, compared with £12.4 million a year ago which included £9.2 million valuation gain.

Portfolio value rose to £125.7 million (30 September 2015: £104.2 million) and net assets increased to £123.1 million (30 September 2015: £106.2 million). NAV per ordinary share increased 15.3% to 131.83 pence (30 September 2015: 114.28 pence).

Chairman Malcolm Naish said: "The market for ground rent investments is buoyant and values have increased significantly over the last 24 months, and our consolidated accounts for the year to 30 September 2016 reflect this. The trend of increasing market values coupled with a growing income each year, it is hoped, will have the intended effect of a growing net asset value."

At 2:16pm: (LON:GRIO) Ground Rents Income Trust share price was 0p at 136.5p