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(Alliance News) - NewRiver REIT PLC on Thursday reported a "resilient performance" in its recent financial year and reinstated dividend payments, despite a worsened pretax loss on a drop in revenue.
The retail and leisure property investor posted a widened pretax loss for the year that ended March 31 of GBP153.2 million, compared to GBP121.6 million for the prior year. Revenue shrank 37% to GBP91.1 million.
The pandemic has caused severe disruption for the firm but it pointed to highlights including ending the year with an improved cash position and the letting of more than 1 million square feet of retail space.
NewRiver's property valuation declined 14% on a like-for-like basis, although this steadied in the second half of the year. Net asset value per share fell to 151 pence, down 25% from 201p, as total net assets declined also by 25% to GBP460.4 million from GBP610.6 million.
"Our resilient performance over the last year has underlined the fundamental strength of our business," said Chief Executive Allan Lockhart.
"Having successfully navigated the challenges of Covid-19, we look to the future with genuine confidence based upon an improving consumer market, the underlying strength of our business and a clear strategic plan to deliver long-term shareholder value."
Despite the mixed financial results, NewRiver announced it would reinstate dividend payments, paying 3.0p per share compared to 16.2p per share last year.
NewRiver shares were down 5.4% at 99.30p in London in Thursday morning trading.
In April NewRiver announced it would dispose of its community pub arm Hawthorn in a bid to create a "more agile business". The divestment is ongoing, with the split being key to the reshaping of its portfolio, NewRiver said.
By Will Paige; willpaige@alliancenews.com
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