Announcing interim results for the six months to 30 September, the firm reported pre-tax profits down from 拢4.8m to 拢2.1m this year, with turnover down from 拢27.8m to 拢23.4m.
Developer Quintain has taken a 拢2.7m hit on its pre-tax profits after paying for a temporary replacement for Wembley arena.
Announcing interim results for the six months to 30 September, the firm reported pre-tax profits down from 拢4.8m to 拢2.1m this year, with turnover down from 拢27.8m to 拢23.4m.
However, the firm鈥檚 net asset value per share rose from 363p to 431p, up 18.7%.
The temporary venue was needed because Quintain is revamping the current Wembley Arena. It has recently signed a 15-year contract with a 鈥渨orld class promoter鈥� for the new arena.
Chairman Nigel Ellis said: 鈥淢indful of the need to keep music alive at Wembley, so protecting the operational business and enabling us to deliver the deal set out below, the board took a difficult decision to open and maintain the temporary pavilion, despite a challenging year when many high-profile stars cancelled tours. The cost of the building was fully provided for at the half year giving rise to a 拢2.7m loss.鈥�
He added: 鈥淭he signing of this contract immediately removes the operational risk in relation to the arena, giving Quintain guaranteed revenues and a performance-related profit share, and allows us to concentrate on delivering value from developing the surrounding property.鈥�
The firm paid out a dividend per share of 3.25p, up from 2.75p last year.
