Redefine swings back into profit

Property company Redefine International said its future was brighter than it has been for some time after reporting a return to profit in the first half of the year. The listed company owns a number of retail and leisure assets including several London Holiday Inn franchised hotels and the Crown Plaza hotel in Reading. In a statement for the six months to 28 February, the group said it made a pre-tax profit of £18.1m, up from a loss of £62.6m in the same period last year. It also posted an adjusted NAV per share of 40.29p, up 10.7 per cent on August last year. Chairman Greg Clarke said the recent capital raising helped place it “on a firm financial footing for future growth”.