Development loan firm's six-month revenues rise

REVENUES rose at a North East property vehicle which was formed to invest in developments across the North of England and Scotland.

- COREENA FORD Business writer [e-mail]

Develop North, which is managed by Tyneside wealth managers Tier One Capital, provides loans to property developers in the region to support residential and commercial property developments.

The investment company has now posted interim results for the six months to May 31, showing revenues rose to £1.036m, up from £953,000 in the comparable period in 2024. Pretax profit fell from £605,000 to £494,000. As of May 31 it had total assets of £23.077m, up from £21.134m, and shareholder funds stood at £19.93m, up from £19.871m.

The company said that, despite current and fluctuating economic conditions, it maintained its dividend strategy and made dividend payments totalling 2p per share during the six-month period. As a result, the net asset value (NAV) total return for the period was 2.5%.