Financial highlights: · EPRA Net Asset Value (NAV) per share increased by 3.0% to 29.2 pence (30 September 2012: 28.3 pence) while EPRA Triple NAV per share increased by 4.6% to 28.1 pence (30 September 2012: 26.8 pence). · Increase in revenue profit to £9.5 million(1) compared to £0.2 million in the six month period ended 31 March 2012 and £11.8 million for the full year to 30 September 2012. · IFRS profit before tax increased to £10.2 million compared to £1.8 million for the year ended 30 September 2012. · Significant progress on strategy of reducing the Group's level of debt and gearing, with: · net debt reduced by £36.8 million to £10.4 million during the Period; and · EPRA gearing at 16.8% at 31 March 2013, down from 78.2% at 30 September 2012 and 28.9% on a look-through basis compared with 142.1% at 30 September 2012.
Operational highlights: · 919 units of the Group's and associate's residential assets sold for £70.8 million, including a £68.0 million portfolio sold to Places for People, largely completing the sale of the Group's residential portfolio. · Three new foodstores comprising 189,265 sq ft of aggregate floor area completed at Sunderland, Sedgefield and Skelton, all pre-let and forward funded for a total capital value of £64.6 million. Another four substantial foodstores are in the planning process as well as further opportunities in the pipeline. · Acquisition of the remaining 47 residential assets post Period-end from Terrace Hill Residential PLC, resulting in a release of £1.8 million of a previous £6.0 million provision. These assets are expected to be sold over the next 12 to 18 months. · Completion of £91.0 million forward funding agreement with Legal & General for the Group's 1,104-bed student accommodation scheme in Southampton with the development due for delivery in June 2014. · Plans well advanced to develop a £30.0 million leisure complex in Darlington town centre, which will include a nine-screen cinema, an 80-bedroom hotel and six restaurant units. · Completion of 135,000 sq ft office building with 25,300 sq ft of residential space at Howick Place in Victoria. Start on site at the 29,000 sq ft office and retail development at Conduit Place expected this summer. · Pre-sale and development agreement secured with Kondor to develop a 60,000 sq ft warehouse at the Group's Christchurch Business Park in Dorset.
I followed Steph into Telf from postings on Taylor Wimpey which made a lot of sense.Im not sure if Steph is a man or a woman but has been bang on the nail all the way through and deffo owed a pressie Likewise Ive followed Hugh in to Capital & Regional who have probably seen the worst of it
Yes very much so keeping these as an improver.Waiting to see what profits will arise from their foodstore developments which effectively are planning plays.Nimble oufit who have jettisoned their investment ballast and concentrating on good old fashioned developer trading.Should be posting some reasonable profits over the next 2years
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