9th Dec 2021 12:01
(Alliance News) - Civitas Social Housing PLC on Thursday reported slight increases in interim revenue and profit due to inflationary rent adjustments.
The real estate investment trust said pretax profit totalled GBP17.9 million in the half-year that ended September 30, up 2.3% from GBP17.5 million in the comparable period a year before. Revenue amounted to GBP25.7 million, up 5.8% from GBP24.3 million.
Civitas said this was thanks to a "modest" adjustment of rent charged, due to the current inflation environment, and a small number of new properties purchased during the period.
The company's international financial reporting standards investment property valuation increased by 5.3% to GBP946.3 million from GBP898.5 million a year before. Civitas's net asset value per share edged up 0.4% to 108.49 pence from 108.01p.
The investment trust declared an interim dividend of 2.74p, up 2.2% from 2.68p a year before. Moreover, it also set a new dividend target of 5.55p per share for the year ended March 31, 2022, increased 2.8% from 5.40p, "broadly in line with inflation".
Civitas said its long-term relationships across the sector should provide access to a substantial pipeline of opportunities in the future.
"These results demonstrate the strong performance of the company in financial and social terms. The provision of homes for life for the most vulnerable remains a priority which in turn enables the company to deliver measurable social impact and responsible economic returns for shareholders," Non-Executive Chair Michael Wrobel commented.
Shares were up 0.5% at 96.00 pence each on Thursday morning in London.
By Abby Amoakuh; [email protected]
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