5th Aug 2020 08:37
(Alliance News) - SEGRO PLC on Wednesday posted a plunge in earnings for the first half of 2020 but expressed confidence in its prospects on its "strong development pipeline and active approach to asset management".
Shares in the FTSE 100-listed real estate investment trust were trading 1.9% higher at 981.80 pence each on Wednesday morning in London.
Pretax profit for the six months ended June 30 was down 46% year-on-year to GBP220.9 million from GBP410.8 million. This was as the company saw lower property gains totalling GBP57.3 million, compared to GBP247.6 million a year ago. Revenue fell 15% to GBP198.1 million from GBP233.3 million.
Segro's EPRA net asset value per share rose 2.7% to 716p from 697p as at December 31.
An interim dividend of 6.9p was declared, up 9.5% from 6.3p.
Looking ahead, Segro said: "Whilst we remain cognisant of the macro-economic risks resulting from the Covid-19 pandemic and are alert to the possibility of further measures to combat the spread of the virus, we remain confident of the prospects for our business. We anticipate that our strong development pipeline and our active approach to asset management will continue to drive sustainable earnings and dividend growth in the years ahead."
Cash held as at the end of June was GBP203.4 million.
By Ife Taiwo; [email protected]
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