Segro FY16 Profit Down, Rental Income Rises; Lifts Dividend
SLOUGH (dpa-AFX) - Real estate investment trust Segro Plc.
(SGRO.L) reported Friday that its fiscal 2016 IFRS profit before tax declined 37.9 percent to 426.4 million pounds from 686.5 million pounds last year. IFRS earnings per share dropped 41.2 percent to 53.9 pence from 91.7 pence a year ago.
Adjusted profit before tax was 154.5 million pounds, compared to 138.6 million pounds a year ago. Adjusted earnings per share were 19.7 pence, compared to 18.4 pence last year.
EPRA NAV per share went up 8 percent to 500 pence, driven by a 4.8 per cent like-for-like increase in the value of the portfolio, reflecting development gains, UK rental growth and asset management activities.
Gross rental income was 225.5 million pounds, higher than 210.7 million pounds last year. Net rental income grew to 180.6 million pounds from 173.0 million pounds a year ago.
The company recorded a 4 percent like-for-like growth in net rental income, including 6.0 percent growth in the UK and a 0.7 percent fall in Continental Europe.
Further, final dividend was increased by 5.7 percent to 11.2 pence.
Looking ahead, David Sleath, Chief Executive, said, "Our business is well positioned, notwithstanding the current degree of political and economic uncertainty. We have had an active start to 2017 and we continue to see opportunities to grow our business through further disciplined investment, matched by a prudent approach to financing."
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