NewRiver posts a profit and promises expansion

AIM-listed property firm NewRiver posted profits of £2.2m in its first annual results yesterday.

The company, which began trading in September 2009, put its early gains down to increased valuations of its properties.

It has also raised an additional £10.5m in funds with a view to speeding up growth. David Lockhart, non-executive director of NewRiver, said: “I’m pleased with the momentum we have gained since we floated the business in September.

“We have achieved all our initial aims within less than a year, plus a profit.”

Lockhart is the founder of property group Halladale which was sold to Stockdale for £171m in 2007.