26th Nov 2024 14:59
(Alliance News) - Schroder Real Estate Investment Trust Ltd on Tuesday reported profit growth and a modest improvement in net asset value over the past six months.
The UK-based investment firm focused on sustainably-designed buildings reported pretax profit for the half-year ended September 30 of GBP11.7 million, compared to GBP3.5 million the year prior.
The company also increased the dividend to 1.71 pence per share, up 2.4% from 1.67p the year prior.
The net asset value rose 1.0% to 59.40 pence per share at the September 30 half-year end, up from 58.8p in March, with a positive NAV total return of 4.0%, compared to 1.1% in March.
Alastair Hughes, the property firm's chair commented that "favourable momentum combined with our quality portfolio, strategic asset management, cost discipline and our low cost of debt should provide the opportunity for sustained and growing income". Hughes added that high tenant demand outstripping supply had contributed to rental growth and returns.
Schroder Real Estate shares were down 1.0% at 50.50 pence each on Tuesday afternoon in London.
By Holly Munks, Alliance News reporter
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