29th Nov 2018 12:53
LONDON (Alliance News) - Urban&Civic PLC said Thursday that pretax profit rose significantly for its recently ended financial year due to commercial asset sales during the period.
The property investor reported pretax profit for the year to September-end at GBP22.3 million, which more than doubled from GBP7.9 million the year before. Revenue also more than doubled to GBP159.2 million from GBP71.3 million.
The main reason for the profit rise was due to a substantial rise in the valuation of investment properties to GBP11.7 million from GBP4.9 million the prior year. Revenue rose primarily on commercial and residential property sales.
Notable sales include the group's hotel development at Stansted Airport for GBP49.2 million, and the disposal of a 50% stake in the Manchester new Square development for GBP22.9 million.
EPRA net assets as at September 30 rose to GBP481.2 million from GBP439.3 million the same date the year before, translating to 331.8 pence per share, up 9.0% from 304.4p.
Urban&Civic's property portfolio at the year-end was valued at GBP609.1 million, up from GBP564.2 million the year before
Urban&Civic declared a final dividend of 2.2 pence per share, taking its total payout to 3.5p, up 9.4% from 3.2p the prior year.
"Good results and marked progress with three major project additions to take the total to eight. Urban&Civic has early mover advantage on strategic sites and is establishing a brand that works for housebuilders, community stakeholders and landowners alike. EPRA NAV growth up 9%, appreciably faster than last year, and more than 1,700 plot sales both speak to that advantage," said Chief Executive Nigel Hugill.
Shares in Urban&Civic were up 1.7% at 294.0 pence on Thursday.
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