Green Property, fresh from its successful takeover of Manchester-based property group, Trafford Park Estate, has announced a 52 per cent increase in pre-tax profit, from £5.6 million to £8.5 million in the six months ended June 30th, 1998.

While the takeover has effectively been completed, there will be no contribution from Trafford until the second half. The Green profit upsurge came from higher rental income. This grew from £12.8 million to £17.8 million. The buy-out of the joint ventures with GE Capital in Britain together with rent on certain properties included for the full period have contributed to the increased rental.

The interim dividend has been raised from 1.74p to 1.8p. Earnings per share increased from 7.37p to 8.79p. Net assets per share grew from 360p to 375p, but 8p of this was due to a currency translation gain. The gearing has risen from 52 per cent to 62 per cent.

It has been a busy six months for the group. In Ireland it got planning permission for an additional 195,000 sq ft of retail warehousing at Blanchardstown and construction has started. So far around 165,000 sq ft of this space has been reserved by tenants.

Since the end of the six months, Green has purchased development sites on Sandyford Industrial Estate and Hatch Street, Dublin. Planning applications have been lodged. In Britain it is continuing to progress a number of development sites. These should be completed next year.

Some 87.3 per cent of the Trafford shareholders opted for the Green cash offer of 190p sterling per share. As the cash offer was fully underwritten, some 31.6 million new Green shares will be issued.

Green said it believes that the Trafford portfolio "offers opportunities to enhance returns both through active management and development activity".