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A&J Mucklow Group PLC

Mucklow looking for CEO as executive chairman steps back; first half profits fall

The company said Rupert Mucklow, who has been an executive director for 24 years will also take on the role of managing director following the departure of Justin Parker until a CEO is appointed

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Mucklow reported a statutory pre-tax profit of £17.2m including a revaluation surplus of £8.7m.

A&J Mucklow Group PLC (LON:MKLW) shares slipped on Tuesday as the property firm accompanied its first-half results with the news that it is looking for a chief executive officer (CEO) with Rupert Mucklow, currently executive chairman, looking to step back.

The company said Mucklow, who has been an executive director for 24 years, will also take on the role of managing director following the departure of Justin Parker until a CEO is appointed.

In its results for the six months ended 31 December 2018, the London main market listed company reported a statutory pre-tax profit of £17.2m including a revaluation surplus of £8.7m.

This was lower than the statutory pre-tax profit of £29.9m posted for the six months ended in December 2017, when a revaluation surplus of £14.1m and a profit on disposal of investment properties of £7.7m were also included.

The underlying pre-tax profit, which excludes revaluation movements and profit on the sale of investment and trading properties, was £0.5m higher at £8.5m (31 December 2017: £8.0m). The EPRA net asset value per ordinary share increased by 13p to 572p (30 June 2018: 559p).

The company, which focuses on industrial and commercial property in the Midlands recorded an occupancy rate of 97.6% over the reporting period.

“Occupancy levels have remained high and our rent roll has continued to grow, mainly on the back of reletting space and achieving higher rental levels, particularly from our industrial and logistics properties. This has resulted in further improvements in underlying pre-tax profit and net asset value per share,” commented Mucklow.

The company said it will pay an interim dividend of 10.48p per ordinary share, an increase of 3% over last year‘s 10.18p.

Mucklow shares were down 0.2% at 504p in early trading.

Quick facts: A&J Mucklow Group PLC

Price: £6.45

Market: LSE
Market Cap: £408.25 m
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