Panther Securities PLC on Tuesday cut its dividend despite reported increased earnings for 2024, due in part to a gain in the valuation of its swap position.

The Hertfordshire, England-based property investor said pretax profit increased 58% to £8.7 million in 2024 from £5.5 million the previous year.

Basic and diluted earnings per share rose 52% to 38.40 pence from 25.30 pence.

Revenue climbed 4.1% to £15.0 million from £14.5 million, while the cost of sales was up 1.1% to £6.7 million from £6.6 million.

Panther Securities benefited from a fair value gain on derivative financial liabilities of £3.3 million, swinging from a £2.0 million loss in 2023.

The company declared a final dividend of 6.00 pence per share, giving a full-year dividend of 12.00p per share for 2024.

This is down 45% from the 22.00p per share dividend declared for 2023.

The company said rents receivable during the year totalled £14.7 million, up 1.4% from £14.5 million.

Panther Securities said this was only a ‘small increase’ but noted that ‘there is much activity within our portfolio and some loss of income has been caused by earlier property sales with the realised funds yet to be reinvested’.

Looking ahead, Chair Andrew Perloff commented: ‘Last year I predicted exciting times and mayhem to come from our country’s change of political direction but of course did not think of the extra problems which would arrive from the change in the direction of politics in the USA which has doubled up on problems for large and small trading businesses worldwide.’

Perloff added that the company has finances in place and a degree of liquidity to take advantage of ‘any special opportunities that may come our way’ and to withstand ‘the financial squalls from the erratic political decisions that cause the so-called exciting times’.

Shares in Panther Securities closed up 5.8% at 317.50 pence in London on Tuesday.

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