12th May 2015 12:02
LONDON (Alliance News) - Secure Property Development and Investment PLC Tuesday said its earnings trebled and its net asset value rose in 2014 after it made further acquisitions in Europe.
The property and investment company focused on south-eastern Europe said its earnings before interest, tax, depreciation and amortisation trebled in 2014 to EUR800,000 compared with EUR200,000 in 2013 as rental income increased by a third to EUR3.6 million from EUR2.7 million.
The company's total asset value rose by 59% to EUR62 million at the end of December, from EUR39 million, reflecting the "transformational acquisitions made during the year across the region". However, the net asset value per share fell to 0.75 pence from GBP1.23 per share after it issued new shares in 2014 and because of a writedown of assets in Ukraine, it said.
"Our Ebitda and the capitalisation rates at which we are making acquisitions highlight the opportunities that can be achieved by deploying capital in the region and we envisage further transactions in the near term," said Chief Executive Lambros Anagnostopoulos.
"The company has made excellent progress in implementing its growth strategy as reflected in our numbers. We have increased the number of investments and the income generation capacity of our asset base and importantly diversified geographically," he added.
Secure Property plans to release its full year results on May 25.
Secure Property shares were down 3.6% to 21.20 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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