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Share Price: 67.30
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TRADING UPDATES: Picton Property hikes payout; Global Ports trims loss

Wed, 10th Nov 2021 21:44

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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Aberdeen Latin American Income Fund Ltd - investor managed by abrdn Capital International Ltd, part of abrdn PLC - Maintains full year dividend at 3.50 pence per share after a solid annual performance. Net asset value rises to 62.89p from 56.65p the year previously.

"The board has reviewed revenue forecasts and, as previously reported, believes that, if the volatility experienced in the Latin American region continues and currencies remain weak, it is likely that the payment of a sustainable and covered dividend may necessitate a lower dividend payment in future years," warns the Fund.

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Global Ports Holding PLC - cruise port operator - Posts interim revenue of USD61.1 million, up 32% from USD46.4 million the year before. Attributes top line growth to cruise passenger volume growth, significantly up annually, reflecting the "steady but slow return to activity across the cruise industry following the disruption caused by the Covid-19 pandemic". Notes there has been a material increase in activity levels in recent months in cruise calls and passenger volumes. Adjusted loss before interest, tax, depreciation and amortisation narrowed to USD500,000 from USD5.8 million a year before.

"No matter where a cruise port currently is on its recovery trajectory, the current outlook is positive. The current itineraries of cruise lines point to a continued pick-up in activity levels as more cruise ships return to service, with most cruise lines expecting close to 100% deployment in the summer of 2022. In the absence of a return to travel restrictions, this is a very encouraging outlook," GBH says.

Separately, announces it is awarded preferred bidder status in its efforts to operate cruise port concessions for Las Palmas Cruise Ports in the Canary Islands. The concessions cover the port of Las Palmas de Gran Canaria, port of Arrecife in Lanzarote and Puerto del Rosario in Fuerteventura, which have tenures of 40 years, 20 years and 20 years respectively.

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Picton Property Income Ltd - London-based commercial property investor - Reports a sharp rise in interim pretax profit to GBP53.9 million from GBP3.7 million a year earlier. Net asset per share lifts to 105p at September 30 from 97p on March 31. Net property income up to GBP17.6 million from GBP16.5 million. Says it is encouraged by the level of activity across its portfolio, with industrial and retail warehouse portfolio close to 100% occupancy. Property valuation reaches GBP745 million on September 30 from GBP682 million six months before. After the strong first half, hikes payout to 1.65p from 1.25p a year earlier.

"Picton has delivered strong results for the period, largely due to the portfolio positioning which has benefited significantly from the upturn in market conditions as lockdown restrictions have eased. Furthermore, the 6.3% dividend growth over the period means that shareholder distributions are now close to pre-pandemic levels," comments Picton Chair Lena Wilson.

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By Will Paige; willpaige@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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