LondonMetric returns to profit

LondonMetric reported a leap in full-year profits yesterday thanks to a surge in the value of its portfolio and a revival in the property market beyond south east England. The group, which buys and develops distribution warehouses for retailers such as Waitrose, said profits rose to £125.3m in the year to 31 March from a loss of £13.5m last year. Net asset value per share was up 11 per cent to 121p, boosted by an 8.5 per cent valuation uplift. Rents increased by 3.4 per cent on a like-for-like basis.