25th May 2016 08:13
LONDON (Alliance News) - NewRiver Retail Ltd on Wednesday said its gross income more than doubled in its financial year to end-March, as it said it expects to be added to London's mid-cap FTSE 250 index later this year.
The retail property investor posted gross income of GBP60.8 million for the year, up from GBP28.1 million a year earlier, driving a pretax profit increase of 76% to GBP69.5 million from GBP39.5 million.
NewRiver Retail increased its dividend for the year to 18.50 pence per share, fully covered by earnings, from the 17.00 pence a year earlier, with total shareholder return remaining at 16%, in line with a year earlier.
The real estate investment trust's net asset value rose to GBP689.9 million at the end of the year, from GBP339.7 million a year earlier, while EPRA net asset value per share was up to 295.00p from 265p.
NewRiver Retail said it completed GBP342.0 million of acquisitions over the course of the recent financial year, with the acquisitions made at an average yield of 9.2%. It completed GBP48.2 million in disposals during the year. Assets under management rose 30% to GBP1.10 billion.
"The year under review has been truly transformational, delivering record financial results and significantly increasing all operations across the business. The scale of the business has grown exponentially and is now of a size befitting a FTSE 250 Main Market company where we intend to be later this year as we move from AIM," said Chief Executive David Lockhart.
NewRiver's market capitalisation of GBP761.5 million compares to GBP237 million for the current smallest member of the mid-cap index.
"Importantly, NewRiver has again demonstrated its ability to swiftly deploy new equity and debt capital to acquire strategic income producing assets, supporting our progressive quarterly dividend policy. The company has significant further growth potential and we look forward to the future with great excitement and confidence," Lockhart added.
Shares in NewRiver were trading up 1.0% on AIM Wednesday at 327.20 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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