Conygar Investment Co PLC on Wednesday said it swung to a loss in the six months to March 31 as costs multiplied, and saw its net asset value decline slightly.

The London-based property investor and developer said NAV at March 31 was 205.1 pence per share, down 1.8% from 208.9p per share at September 30, attributed to increased administrative and operational costs. Compared to March 31 last year, NAV per share was down 3.4% from 212.25p.

Conygar swung to a loss of £2.3 million from a profit of £1.9 million a year prior. Direct costs were up to £11.5 million from £4.0 million the year before, while the cost on sale of development and trading properties rose to £9.5 million from £3.6 million a year prior.

Revenue grew by 69% to £11.4 million from £6.5 million a year before. This includes £1.6 million from food, beverage and events at 1 The Island Quarter, its restaurant and events venue in Nottingham, England.

Conygar did not declare an interim dividend, unchanged from a year before.

Looking ahead, Conygar is ‘cautiously optimistic’ for the rest of the year and beyond, amid improved investor sentiment and more stability in the real estate market.

Chief Executive Officer Robert Ware said: ‘Whilst we recognise the continuing risks for the UK and global economies and the impact that above target inflation and rising interest rates have had, and will continue to have, on consumers facing a cost-of-living crisis, we believe that the significant progress made at our currently owned and targeted development projects leaves us well positioned to take advantage of those opportunities as they start to emerge.’

Shares in Conygar were down 0.2% at 109.34 pence each in London on Wednesday morning.

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