10th Jul 2019 10:53
(Alliance News) - Circle Property PLC on Wednesday reported an improvement in its net asset value and annual earnings.
The developer of office buildings said its NAV per share increased by 20% to GBP2.77 as at March 31 compared to GBP2.30 reported on the same date last year.
Circle Property's portfolio value increased during the year by 9.2% to GBP124.6 million from GBP114.31 million as at the end of March 2018. The company's portfolio comprises of 15 commercial property investment and development assets in the UK.
Contracted annual rental income also rose, Circle Property said, to GBP7.6 million from GBP6.8 million following a disposal of non-core assets.
As a result, the firm upped its annual payout by 13% to 6.3 pence from 5.6p paid the year before.
"These results endorse Circle's strong business model, our expertise in identifying well-located regional office assets and actively managing the portfolio to deliver consistent income and maximum returns to shareholders," said Chief Executive John Arnold.
"This year we have continued to outperform the sector, having delivered a 20% increase in NAV, a 12% increase in contracted rental income and have in place the firepower to undertake value accretive acquisitions," added Arnold.
Circle Property shares were trading 0.8% higher on Wednesday in London at 193.60 pence each.
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