Panther Securities plc
Panther Securities P.L.C. is a UK property investment and development company quoted on AIM, first listed in 1934. The Group owns and manages a diversified portfolio of commercial (secondary retail, industrial, office) and residential property throughout the United Kingdom, comprising approximately 900 individual occupational units across around 120 separately designated buildings. Asset management, property management and lettings are undertaken predominantly in-house, with a strategy of active management, refurbishment and selective capital recycling to enhance shareholder value.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 20 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Panther Securities, a UK property company that owns and lets around 900 units, from shops and factories to offices and homes, reported revenue of £14.8m for 2025, down from £15.0m the year before. Profit before tax fell from £8.7m to £5.6m. The report says rental income edged up thanks to new lettings, rent reviews and lease renewals. Interest costs were lower after debt was paid down, and bad debts fell. Profit also includes items that swing from year to year: a rise in the value of its properties, gains from selling buildings, and a loss on contracts that fix its interest rates. Cash at the year end was £5.9m, and borrowings fell to £56.5m. No money was raised from shareholders. The dividend for the year rose to 22p a share from 12p, including a special one-off payment. Directors said they hope rental growth continues and at worst expect to maintain income, while warning of mainly negative economic head-winds. The auditor gave a clean opinion, and the directors found no doubt about the company's ability to keep going.
From the reportevery line sits on the page it namesWhat drove revenueLettings activity, rent reviews and lease renewals across the portfolio
Rental income increased to £14.85m (2024: £14.66m), reflecting lettings activity, rent reviews, lease renewals and continued active management
page 11AndRefurbishment of vacant units into smaller, more lettable units
£120,000 refurbishment of Wickford factory estate completed and let at £155,000 pa; rental income increasing in part due to refurbishing vacant units into smaller, more attractive units
page 6What moved the margintailwindLower interest costs following de-gearing and reduced bank margins post March 2024 refinance
Interest costs approximately £500,000 lower in 2025 than 2024 due to significant de-gearing at the beginning of 2025 and lower loan margins for the whole of 2025
page 6AndtailwindReduced bad debt charge
Bad debts for the year were £261,000 compared to £526,000 in 2024
page 6What management saidOur medium term trends still show we are experiencing rental growth, some from renting long-term vacant properties and the rest from improved rental terms; going forward over the next few years we hope this continues, but at worst we should be able to maintain income
page 12After the year endFebruary 2026: Group purchased 50,000 of its own ordinary shares through the market to be held in treasury; 42,500 of these were purchased from related parties
page 7The dividendFinal dividend of 6p per share proposed for FY2025 (payable 15 July 2026), following a 6p interim and 10p special dividend both paid 29 October 2025; total FY2025 dividend 22p per share. Board aims to maintain a sustainable and appropriate level of dividend cover, which has historically not decreased, with special dividends normally used to reflect exceptional years
page 24Going concern and the auditUnmodified ('true and fair') audit opinion issued by Crowe U.K. LLP (senior statutory auditor Peter Gilligan), dated 13 May 2026. Key audit matters: carrying value of investment properties and revenue recognition. Directors prepared two detailed forecasts to December 2028, including a worst-case downward scenario (loss of major tenant, inflation, higher rates, worsening bad debts, no disposals), and concluded no material uncertainty over going concern exists; Group has resources to survive beyond December 2028
page 18The risks it names first- Market risk — cyclical property markets affecting values, rents, and ability to buy/sell/let at optimal times, with potential loan covenant breachesp.14
- Finance risk — adverse market/property conditions could force lenders to require asset sales at non-optimal times or repossessionp.15
- Property risk — retail sector in flux from changing consumer habits (internet shopping, experience preference over products)p.15
- Credit risk — tenant default; mitigated by credit checks, deposits/guarantees and tenant diversificationp.13
Read from C000972-AR-2025-ch.
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