31st May 2018 12:19
LONDON (Alliance News) - Real estate developer Urban&Civic PLC on Thursday raised its interim dividend as net asset value grew in the first half of financial 2018.
Net asset value per share grew 3.8% in the six months ended March to 316.00 pence from 304.4p as at the end of September. On the year-on-year basis, NAV rose 7.8%.
Shareholder total return was 19.4%. The company's share price stood at 306.00p on March 31, representing a 3.2% discount to NAV. The stock was trading 2.6% higher on the day Thursday at 317.00p per share.
Pretax profit more than doubled to GBP10.1 million from GBP4.2 million the year before, reflecting an increase in residential sales completions and disposal of the recently completed Hampton Hotel at Stansted Airport for GBP48.5 million.
Revenue also jumped to GBP85.8 million from GBP31.9 million reported the prior year, helped by property sales and rental income.
Urban&Civic said it holds interests in more than 31,000 approved or allocated residential plots across seven strategic sites.
The company declared an interim dividend of 1.3p, up 8.0% from 1.2p paid a year earlier.
"There is an unavoidable element of pioneering in creating a new property format," said Chief Executive Nigel Hugill. "Urban&Civic is becoming the serviced land wholesaler of choice to a broad spread of housebuilders."
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