Terrace Hill Group booked a 3% rise in its first-half epra net asset value per share to 29.2p. It swung to a pretax profit of Â£10.2 million, from a loss of Â£8.4 million. "The first half of the year has been transformational for Terrace Hill both in terms of significantly improving the Group's financial position and in the delivery of a very solid operational performance," said chairman Robert Adair. "In line with our previously stated strategy, we have almost entirely completed the sale of our residential assets, which not only had a major positive impact on our levels of gearing and debt, but also allowed us to focus almost solely on our development projects where we have also made very strong progress. "This, coupled with the sales and forward funding agreements we have transacted, gives me great confidence for the future prospects of the Group and I believe we now have a very solid base from which to deliver sustainable growth for shareholders."
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