16th Sep 2015 09:06
LONDON (Alliance News) - Real Estate Investors PLC on Wednesday reported higher first-half pretax profit, driven by revenue growth, as well as revaluations of interest rate swaps and property.
In a statement, the Birmingham-based property group said it made a GBP8.1 million pretax profit in the six months to June 30, up from the GBP2.6 million recorded for the corresponding period the prior year, bolstered by revaluation surpluses of GBP690,000 on interest rate swaps and GBP5.9 million on property.
Revenue increased to GBP3.8 million from GBP2.9 million.
The company increased its interim dividend to 1.0 pence from 0.75p.
Pretax profit before revaluation and surplus on valuation interest rate swaps rose to GBP1.5 million from GBP384,000.
EPRA net asset value per share was 63.6 pence at the end of June, from 61.3p at the same stage of the prior year.
"Birmingham and the wider Midlands is re-emerging as a major UK economic powerhouse and whilst manufacturing and in particular the automotive sector remains strong, the regeneration of the local economy is underpinned by the growing industries of tourism, education, retail, digital media and technology," Chief Executive Paul Bassi said in a statement.
Shares in Real Estate Investors were flat at 66.00 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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