23rd Nov 2021 14:58
Schroder Real Estate Investment Trust Ltd - investment company- reports pretax profit in the six months to September 30 at GBP33.2 million, swinging from a GBP8.8 million loss, year-on-year.
Says net asset value increased 9.0% to GBP323.4 million from GBP296.8 million. Attributes this to a strong economic recovery and a surge in household consumption due to pent up demand after the easing of pandemic restrictions.
On a per share basis, net asset value rose to 65.8 pence from 58.0 pence in the period. States total net asset value return swung to 11% from negative 2.2% a year before. Declares quarterly dividend of 1.33 pence up from 0.39p.
"The outlook for the UK real estate market is positive, with economic growth expected to continue, coupled with a supportive interest rate environment. Whilst we expect ongoing divergence in returns across the real estate market, with the industrial sector continuing to outperform over the short to medium term, the polarisation experienced over recent years is expected to narrow as more employees are encouraged to return to offices and sentiment continues to improve towards more resilient parts of the retail sector. Our diversified portfolio, and exposure to winning cities and regions, means we are well-positioned to benefit from these trends," said Chair Lorraine Baldry.
Current stock price: 52.58 pence, up 2.1% on Tuesday
Year-to-date change: up 35%
By Abby Amoakuh; [email protected]
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