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Cromwell Release Half Year Results

15th Feb 2013 07:00

RNS Number : 9303X

Redefine International PLC

15 February 2013

REDEFINE INTERNATIONAL P.L.C.

("Redefine International" or the "Company")

Cromwell Release Half Year Results

Redefine International is pleased to announce that its associate company, the Cromwell Property Group ("Cromwell"), released its half year results for the period ended 31 December 2012 on 14 February 2013. Cromwell is an Australian Property Trust listed on the Australian Stock Exchange, in which the Company currently has a 22.01% interest held through its wholly-owned subsidiary Redefine Australian Investments Limited.

Cromwell's half year financial report can be found at http://www.cromwell.com.au/aboutcromwell/newsroom/. The highlights for the period are set out below:-

CROMWELL POISED FOR GROWTH AFTER STRONG FIRST HALF

1H13 HIGHLIGHTS

Statutory accounting profit of $29.5 million, compared to a prior year loss of $6.8 million

Operating earnings of $45.9 million, up 24% from $37.0 million in 1H12

Like-for-like increase of 3.8% in net property income

Reduction in gearingfrom 51% at June 2012 to 44%

$143 million raised from institutional placements and $39 million raised from security purchase plan

Completed the acquisition of the balance of the Cromwell Property Fund

Fund management momentum continued with completion of Ipswich fund and launch of Box Hill Trust

FY13 operating earnings guidance maintained at not less than 7.5 cps, with distributions of 7.25 cps

Further enquiries:

Redefine International Property Management Limited Investment Adviser
Michael Watters, Stephen Oakenfull	Tel: +44 (0) 20 7811 0100
FTI Consulting Public Relations Adviser
Stephanie Highett, Dido Laurimore, Faye Walters	Tel: +44 (0) 20 7831 3113

This information is provided by RNS

The company news service from the London Stock Exchange

END

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