8th Sep 2015 08:03
LONDON (Alliance News) - Commercial property company A&J Mucklow Group PLC on Tuesday posted a higher pretax profit for the year to the end of June as it made a valuation gain on its portfolio, tracking the performance of other investors which have benefited from the UK's buoyant property market.
The company said its pretax profit for the year to June 30 was GBP56.2 million, up from GBP40.7 million a year before, primarily due to a GBP42.5 million valuation gain the company made on its portfolio, up from a GBP27.7 million gain a year earlier.
The company's portfolio was valued at GBP349.7 million at the end of June, up from GBP298.9 million a year earlier, while its vacancy rate dropped to 5.4% from 6.7%. The group's rental income was broadly flat in the year, however, at GBP21.6 million, up slightly from GBP21.4 million.
A&J Mucklow said the regional property markets in the UK have continued to improve and a shortage of quality industrial space has meant it has started to increase its rental levels on its vacant properties.
The company will pay a final dividend of 11.53 pence per share, up from 11.19 pence a year earlier. Its total dividend for the year will be 20.84 pence, up from 20.23 pence.
Net asset value per share on June 30, measured on a European Public Real Estate Association basis, was 427 pence, up from 358p a year earlier.
Mucklow shares were up 2.1% to 505.4 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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