Fairbriar six-month profit is 'disappointing'

Fairbriar, the residential property developer, made a profit of £440,000 in the six months to 31 March 2004.
Chairman Kevin McCabe said: "We regard the results as disappointing, but hopefully we will see performance improve, co-incidental to the progress
and completion of various
developments."
Fairbriar made a loss of £8,000 in the same six-month period last year, contributing to a larger loss in the full-year to 30 September 2003 of £750,000.
On 1 April, the day after the period covered by the latest results, Fairbriar hived off its entire 30-strong workforce into a separate vehicle, a new company called VR Developments, leaving behind only Mark Balchin, finance director.
A spokesman said: "Look at it like this: Fairbriar awarded a management services agreement to VR and staff were TUPEd over. Fairbriar is not going bust or anything like that as it has a balance sheet of £11.2m. Under TUPE, everyone is safe and the 30-strong workforce is still there. Sites are being developed
as before."
During the six-month period, the refurbishment of apartments at Nell Gwynn House, London SW3, was completed and all units were sold at a profit of £1.3m. Fairbriar is negotiating with a prospective tenant to occupy the health club on the lower ground.
At Buckswood Grange, Uckfield, East Sussex, a 22-apartment refurbishment and part new build scheme is progressing. Profits are expected within the next two years.
Construction work is underway on a town centre scheme in Tunbridge Wells, Kent, to convert a former office property into 24 apartments. Completion is expected before the end of 2004.