20th May 2025 08:26
(Alliance News) - LondonMetric Property PLC on Tuesday said its annual profit nearly tripled, as the real estate investment trust reaped the rewards of a growing logistics portfolio and its merger with LXi REIT PLC.
Pretax profit jumped to GBP352.8 million in the financial year that ended March 31 from GBP120.0 million the year before. In addition to the LXi acquisition, this was driven by strong rental income growth and a positive property revaluation of GBP106.0 million, compared with a 7.5 million loss in financial 2024.
Revenue more than doubled to GBP396.7 million from GBP178.1 million, while net rental income surged to GBP390.6 million from 175.3 million.
LondonMetric declared a total dividend of 12.0 pence per share for the year, up 18% from 10.2p the year before, noting this marked its 10th consecutive annual increase. It expects to pay a first-quarter dividend of 3.0p for the current financial year, up 5.3% from 2.85p a year before.
Chief Executive Andrew Jones said LondonMetric integrated around GBP3 billion of assets from its LXi takeover and completed over GBP680 million of sales and acquisitions in the past year.
LondonMetric completed its all-share merger with LXi REIT PLC in March last year in a deal that valued LXi at GBP1.9 billion.
"Our GBP6 billion portfolio is set to grow by a further GBP1 billion through M&A activity, which will add to our urban logistics exposure - our strongest conviction call sector for rental growth," he said.
LondonMetric said recent acquisitions have increased its logistics weighting to 46%, and post-year end deals will likely push that to around 55%. The company also noted progress in ESG initiatives, including raising the proportion of EPC A-C rated properties to 92%.
Looking ahead, LondonMetric said it remains focused on delivering reliable and growing income and sees opportunities to expand further via strategic disposals and reinvestments.
LondonMetric shares were up 1.2% to 196.30 pence on Tuesday in London.
By Eva Castanedo, Alliance News reporter
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