EWART, the Belfast«MDBO» «MDNM»based property group, has raised its pre-tax profit by 57 per cent from £1,150,471 to £1,800,363 in the year ended April 30th, 1996.

It has also announced the acquisition of Strand Parking which manages 5,700 car parking spaces in Britain and Northern Ireland, in a cash and shares deal worth up to £928,000.

The latest results have been inflated by investment income of £278,380 which came from the maturity of an insurance policy. The results are also distorted by the payment of £75,000 to the three executive directors, in return for reducing their service contracts from three to two years.

If these are excluded, then the underlying growth in the adjusted operating profit is a more modest 9.5 per cent.

Shareholders are to share in this growth. A final dividend of 0.75p net per shares has been declared, making a total of 1.25p, up from 1.1p previously.

Ewart's sales rose by 3.5 per cent from £7,587,884 to £7,85 5,195. The adjusted earnings per share rose from 4.34p to 4.4op. Gearing has improved from 52 per cent to 47 per cent.

The unsettled political environment in Northern Ireland has not had a negative affect on Ewart's developments in Belfast, Mr Barry Gilligan, chief executive, said.

Chairman, Mr Brian O'Connor, said Ewart's policy is to pursue activities which yield recurring income. And car parking has been identified as an appropriate area.

The acquisition of Strand fits into this mould, said Mr Gilligan. Strand, with a head office in Glasgow, operates on 36 sites. It has been purchased from Galdene Investments, a Jersey«MDBO» «MDNM»based company. Mr lain Camerson remains as managing director.

The consideration consists of £300,000 cash payable on completion, a further £300,000 cash based on performance and the issue of 575,000 new Ewart shares on or before March, 1997.

Strand had net assets off £176,709 last December and generated a pre«MDBO»-«MDNM»tax profit of £101,037 in 1995 which is expected to rise to £160,000 this year.

The company's name will be changed to Ewart Car Parks which now has a "significant platform" for further growth, according to Mr Gilligan.

Ewart already owns a number of sites in Northern Ireland and has three multistorey car parks planned for the £130 million Laganbank development in Belfast.