29th Apr 2015 07:51
LONDON (Alliance News) - Real estate investor Redefine International PLC on Wednesday said its profit rose in the first half after it said it made progress across its development and asset management plans and said it has largely completed the sell-off of non-core legacy assets.
FTSE 250-listed Redefine said its profit attributable to shareholders in the six months to the end of February was GBP35.2 million, compared to a GBP0.9 million loss made a year earlier.
It said it will pay an interim dividend of 1.6 pence per share, up from 1.5 pence per share a year earlier, as its net asset value per share rose to 41.31 pence, up from 38.14 pence a year ago.
Redefine said progress was made on all of its asset management and development initiatives in the half year, with occupancy stable at 97.6%, the same as at the end of its 2014 financial year in August, while it added it has now largely completed the sale of non-core legacy assets.
"The review period has again been characterised by high levels of activity across all areas of our business as we continue to strengthen the asset base and key drivers underpinning our progressive dividend policy," said Redefine Chief Executive Mike Watters.
"A number of refurbishment and development projects have improved existing assets, while significant acquisitions have expanded the portfolio, in-keeping with our focus on the core retail, commercial and hotel real estate sectors in the UK and Germany. In addition, we have taken advantage of the strong investment market to dispose of non-core holdings," Watters added.
"The delivery of sustainable and growing long term income through innovative capital and asset management, facilitated by capital recycling, remains our core objective. Our emphasis on building strong management teams to extract maximum value from our asset base is also paying off. In an era of a seemingly limitless supply of capital, we have to remain highly energised to stay ahead of the competition and we are confident that we are in a strong position to do so," said Watters.
Shares in Redefine were flat at 59.25 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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