15th Mar 2016 08:01
LONDON (Alliance News) - FTSE 250-listed industrial property investor Hansteen Holdings PLC on Tuesday said its pretax profit grew in 2015 and pushed up its dividend as it made gains on the sale of property assets over the course of the year.
Hansteen said its pretax profit for the year to the end of December grew to GBP171.4 million, up 31% from the GBP131.2 million posted in 2014. The group generated GBP8.7 million in profit from the sale of GBP86.3 million worth of property over the course of the year, while it acquired GBP68.0 million for its portfolio.
Rental income for Hansteen rose to GBP81.2 million from GBP78.8 million, while the total value of its property portfolio reduced to GBP1.55 billion from GBP1.60 billion at the end of 2014, driven by asset sales made during the year.
The group will pay a second interim dividend for the year of 3.15 pence per share, meaning its total payout rises to 5.25p, a 5.0% rise year-on-year.
"While we expect that the UK and European economies over the next few years will be subject to low interest rates and low growth, this environment should play to Hansteen's strengths. We pay a high dividend, well covered by earnings and we have the capacity to continue to grow these earnings through a combination of improving occupancy, rental growth and income enhancing trading; selling lower yielding properties and buying higher yielding properties," said Chairman James Hambro.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
HSTN.L