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Eatonfield (EFD:AIM) – Interims PTP: £2.3m (£0.3m) Divi: n/a (n/a)

The credit crisis did little to get in the way of Eatonfield’s interim results, with revenue up 71% at £5.8 million and pre-tax profits rising from £0.3 million to £2.3 million. The company specialises in buying property assets from distressed sellers and, as a result of recent events, opportunities to buy sites at undervalued prices are far more frequent.

Eatonfield has continued to expand its portfolio over the past six months and now has a land bank of 260 plots, with planning permission and a further 1,509 plots that are progressing to the planning permission stage. In an effort to expand into the Scottish market, the group has also agreed to acquire a Scottish house builder.

Separately, the company announced the appointment of Howard Jones as finance director. The shares ticked up to 122.5p.

Shares says: The stock continues to look undervalued on a PE of 5.4.

by: Rachel Robson