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Safeland Expects Turnaround To Profit In First Half; Shares Up

Shares of Safeland Plc (SAF.L) are currently trading around 7 percent higher on the London Stock Exchange, after the property trading and investment company said it projects a pre-tax profit for the first half, compared to last year's loss, despite continued difficult trading conditions.

For the six months ending September 30, the company now expects pre-tax profit of about 85 thousand pounds. In the prior year, Safeland's pre-tax loss was GBP 1.28 million and loss per share was 7.64 pence.

According to the company, the majority of its projected profit has resulted from sales of properties that it has been holding for some time and where the write down in third party valuation proved to be excessive.

Meanwhile, Safeland warned that the expected profit to be reported for the six-month period should not be taken as an indicator that it will report profits for the year ending March 31, 2012, since trading conditions remain challenging.

SAF.L is currently trading at 9.90 pence, up 0.65 pence or 7.03 percent.

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by RTT Staff Writer

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