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IN BRIEF: Warehouse REIT swings to interim profit on investment gain

15th Nov 2023 14:22

Warehouse REIT PLC - London-based industrial warehouse investor - In six months to September 30, swings to pretax profit of GBP22.0 million from a loss of GBP46.4 million a year prior. Maintains interim dividend at 3.2 pence per share. Notably, reports a fair value gain on revaluation of investment properties of GBP6.8 million, swung from a fair value loss of GBP73.4 million. Finance costs balloon to GBP13.0 million from GBP6.0 million. Gross property income edges down to GBP23.3 million from GBP24.1 million a year before. Net asset value per share rises to 126.4p at the end of September, from 124.4p at the end of March. Adjusted earnings per share - which the board deems the "more relevant indicator of core earnings" drop 12% to 2.3p from 2.6p a year before. Looking ahead, Chair Neil Kirton says: "We firmly believe in the quality of our assets and their potential to deliver an attractive total return over the long-term but are also examining more immediate opportunities to drive returns for shareholders. We set these priorities both as a board and significant shareholders ourselves."

Current stock price: 83.87 pence, down 3.2% on Wednesday

12-month change: down 27%

By Tom Budszus, Alliance News reporter

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