26th Jul 2018 09:24
LONDON (Alliance News) - SEGRO PLC said Thursday its half-year profit surged 44%, as it expects future growth on pre-let developments.
For the six months to June 30, the real estate investment company said IFRS pretax profit widened to GBP570.9 million, compared to GBP397.1 million recorded in the comparative year-ago period.
On an adjusted basis pretax profit increased 21% to GBP110.6 million versus GBP91.2 million year-on-year.
Revenue for the period increased to GBP167.2 million from GBP155.0 million year-on-year. On a like-for-like basis net rental income amounted to GBP126.1 million, 2.3% higher that last year at GBP123.3 million.
In the UK net rental income stood at GBP84.3 million while in continental Europe, SEGRO achieved GBP41.8 million in rent.
EPRA net asset value per share increased by 8.5% to 603 pence from 556p at the end of December.
The company lifted its interim dividend by 5.7% to 5.55p from 5.25p year-on-year.
"Future earnings potential underpinned by over 1 million square metres of development projects under construction or in advanced pre-let discussions," the company said.
SEGRO shares were trading down 0.4% at 661.20p each.
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