LONDON (ShareCast) - Shares in Safeland, a London property trader, have doubled after the company returned to profit for the year ended March 31st.
Pre-tax profit came in at £0.49m compared to a loss of £0.97m the previous year after the value of its Chandos Tennis Club in Golders Green, London, increased by just over £1m following a detailed review of development opportunities.
The firm warned that although planning permission has been applied for, if no permission is given then the value of the club will fall "substantially".
Overall the trading portfolio has been reduced by £49,000 (2011: £576,000) and the investment portfolio increased by £1.36m (2011: decreased by £24,000).
Revenue for the year increased from £10.4m to £14.3m, while the cost of sales also climbed, from £9.9m to £12.9m. Basic earnings per share were 2.93p (loss 5.73p).
In a statement the company said: "The market conditions remain as challenging as they have been for the last number of years and your board continues to be very selective in the purchases they make, with a focus on carrying out small developments in North London.
"I am pleased to advise that this strategy is proving to be successful with a number of completed units sold profitably since the year end."
Cash at the end of the year also moved into the black at £0.46m.
The share price leapt 50% to 10.50p by late afternoon.