REO cuts pre-tax losses by £750m

REAL Estate Opportunities (REO), the Treasury Holdings-controlled property development company, slashed its pre-tax losses in its last financial year — from £828m to £77m (€86.37m) on the back of making lower impairment provisions on its property portfolio.

Over the year to the end of February, REO also saw its loss per share fall — from 248.2p to 23.1p. However, property income fell (across its Irish and British portfolios) from £44m to £34m, due to a number of circumstances, including the firm’s reduced reporting period.

REO’s managing director for Ireland, John Bruder, said the market in the past year has remained “very challenging and difficult, particularly in Ireland”.