17th Nov 2015 09:04
LONDON (Alliance News) - McKay Securities PLC, a real estate investment trust specialising in South East and London office and industrial property, on Tuesday reported higher first-half pretax profit and growth in net assets.
Pretax profit amounted to GBP34.6 million in the six months to September 30, compared with GBP13.9 million in the corresponding half the prior year, due to higher gains from revaluing investment property and an improvement in rental income. The company maintained its interim dividend at 2.7 pence per share.
NAV per share, measured on the European Public Real Estate Association basis, grew to 281p on September 30 from 270p on March 31.
"This has been a period of substantial progress on many fronts arising from our strategic decision in early 2014 to take advantage of the anticipated improvements in the office and industrial markets of the South East and London," Chairman David Thomas said in a statement.
"Although our South East and London markets have been in recovery for a number of years, the outlook remains positive," Thomas said.
Shares in McKay were up 2.5% at 266.60p on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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