13th Dec 2024 07:36
NewRiver REIT PLC - London-based developer and manager of retail infrastructure - Swings to pretax profit of GBP8.2 million in half-year to September 30, from GBP2.6 million loss year-on-year. Net tangible assets per share fell to 106 pence at September 30, down 8% from 115p at March 31. NewRiver is cuts half-year dividend to 3.0p per share, versus 3.4p the year prior. Half-year revenue has drops to GBP31.8 million from GBP33.2 million last year.
The company says its outlook remains positive, "despite the uncertain macro environment", as it anticipates realising the benefits of recent mergers and acquisitions. The results follow NewRiver's GBP151 million purchase of Capital & Region, court-sanctioned last Friday.
"This has been a transformational period for NewRiver marked by the successful acquisition of Capital & Regional which completed earlier this week. This transaction substantially increases our scale and will deliver significant benefits including a material increase in our earnings," Chief Executive Officer Allan Lockhart adds.
Current share price: 80.30 pence
12-month change: down 1.4%
By Holly Munks, Alliance News reporter
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