17th Mar 2020 12:13
(Alliance News) - Real Estate Investors PLC on Tuesday said its performance improved in 2019, but it faces uncertainty going forward amid coronavirus.
The Midlands-focused real estate investment trust said pretax profit was GBP3.7 million in 2019, down sharply from GBP8.4 million reported a year ago amid property revaluations and hedge costs.
Annualised contracted income grew, meanwhile, up 4.1% to GBP17.7 million from GBP17.0 million the year before, pushing revenue 6.4% higher to GBP16.6 million from GBP15.6 million.
As a result, Real Estate Investors upped its total dividend by 7% for the year to 3.8125 pence from 3.5625p paid for 2018.
Total portfolio grew to GBP228.9 million, the company said, up 1.8% from GBP224.8 million a year prior. Excluding acquisitions and disposals, portfolio valued at GBP219.1 million, 1.6% lower, reflecting current market sentiment towards all retail.
In 2019, Real Estate Investors completed two acquisitions for GBP9.3 million and disposals of GBP2.1 million.
"In a flat market place, we have delivered portfolio, revenue, earnings and dividend growth," highlighted Chief Executive Paul Bassi.
"Re-location of people and corporate offices adds fuel to the local economy and we expect these trends to accelerate. Though all these outcomes are subject to the unknown outputs of Covid-19 impact that cannot be predicted at this stage," added Bassi.
The stock was trading flat in London on Tuesday at 40.00p a share.
By Evelina Grecenko; [email protected]
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