14th Nov 2019 11:23
(Alliance News) - Urban Logistics PLC on Thursday said a shift in retailing to e-commerce resulted in a strong first-half performance.
The logistics-focused investment trust said its net rental income increased to GBP5.9 million in the half year ended September 30 from GBP4.9 million a year ago, resulting in an adjusted operating profit of GBP4.7 million versus GBP3.5 million.
EPRA net asset value increased 12% year-on-year in the first half to 145.20 pence from 129.21 pence.
First half pretax profit declined to GBP9.0 million from GBP9.2 million due to fall in fair value of the company's investment properties. At the end of September, Urban Logistics owned a portfolio of 38 properties which were valued at GBP195.0 million.
"We maintain a healthy acquisition pipeline which we expect to fund through equity raising and bank debt when we have the opportunity to do so. Looking forward we remain confident that our urban logistics portfolio will continue to deliver attractive returns for shareholders," Chair Nigel Rich said.
Urban Logistics raised its interim dividend by 25% to 3.75 pence per share.
Shares in the company were down 0.1% at 134.85p each in London on Thursday morning.
By Tapan Panchal; [email protected]
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