Business & Economy
Tier One property fund announces positive performance in full-year results
April 9, 2021
A property fund managed by wealth management firm Tier One Capital has announced encouraging growth and an expanding portfolio of property backed loans in its full-year results.
The TOC Property Back Lending Trust Plc (PBLT) achieved annual revenue of £2.346 million in the financial year ending November 30, up from £2.222 million in the previous year.
The London Stock Exchange-listed investment company generated a pre-tax profit of £856,000 and returned a dividend of 3 pence per share throughout the year.
The results represent another positive year for PBLT as the company passed its fourth anniversary this January.
Ian McElroy, chief executive of Tier One Capital Ltd, the investment adviser to PBLT said: “As advisers to PBLT we are delighted with these very positive set of results.
“During the trading period covered we have encountered some challenging and turbulent financial trading conditions not least the prospect surrounding a no-deal Brexit and the ongoing issues related to the pandemic.
“That said, we continue to have confidence in the strength of the North East and Scotland property markets whilst being mindful of uncertainty that may lie ahead as the country emerges out of lockdown.
“The fund continues to provide high quality, experienced property developers in the regions with an alternative and effective source of funding, providing the opportunity for longer term positive returns for investors.
“We therefore remain confident that our solid relationship-led approach with our borrowers will give the fund the best opportunity to progress and grow further.”
Brendan O’Grady, fund manager at Tier One Capital Ltd, added: “Although 2020 has proved to be another positive year in the progression of the fund, like most other investment funds supporting regional property developers, we remain diligent of the challenges ahead, but excited by the opportunities that will likely present themselves.
“We continue to release further substantial funds into the marketplace, and we look forward to continuing to support the build-out of new housing stock and the creation of construction sector jobs, both of which remain as important as ever to the development of the economy.”