Finals showed a solid performance from Mucklow with EPRA NAV ahead of expectations, up 18.7% to 559p (Arden: 510p) driven by a revaluation gain of £49.7m (FY17: £13.0m) reflecting the continued investor appetite towards industrial property in the Midlands. Adjusted PBT (excluding these gains, and other exceptionals) decreased slightly to £15.7m (FY17 & Arden: £15.9m) driven by a one-off increase in property costs owing to the refurbishment of vacant properties.
