27th May 2015 10:15
LONDON (Alliance News) - South Eastern Europe-focused property investor Secure Property Development & Investment PLC on Wednesday said its earnings increased in 2014 on the back of an increase in rental income, as its portfolio value was boosted by acquisitions made in Romania and Greece.
Secure Property said its earnings before interest, taxation, depreciation and amortisation rose to EUR0.8 million in the year, quadruple the earnings it made a year earlier of EUR0.2 million. The group swung to a pretax profit in the year, up to EUR1.2 million from a EUR3,434 loss made a year earlier.
The profit was driven higher by an increase in rental income over the year to EUR3.6 million from EUR2.7 million, as its total asset value rose to EUR62 million from EUR39 million following the acquisition of three income-producing assets in Romania and Greece. Its net asset value per share was down to 75 pence per share from 113 pence, primarily due to a share issue launched in the course of the year.
"2014 has been a transformational year for the company, one that has seen us embark on the roll-out of our regional growth strategy. Thanks to this, the company has ended the year with a presence in three countries and a geographically diversified portfolio of prime real estate in Southeastern Europe, which generates visible income streams and offers significant capital growth potential," said Chief Executive Lambros Anagnostopoulos.
Shares in Secure Property were up 22% to 33.62 pence on Wednesday, one of the best performers in the London Main Market after its late morning announcement.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Secure Prop