Picton Property Income Ltd- property investor - As at September 30, EPRA net asset value stands at 93 pence, flat from March 31. Pretax profit for six months ended September shrinks to GBP3.7 million from GBP14.4 million the year before. Picton says: "Given the exceptional circumstances over the last six months, we believe this is a positive result. There was a small decline in the portfolio valuation for the period, principally across the retail assets, continuing the theme of last year." Revenue falls to GBP21.7 million from GBP23.5 million. Total dividend per share for half-year 1.25p per share, down from 1.75 per share the year before. Increases dividend 12% to 2.8p per share effective November 2020.
Chief Executive Michael Morris: "We have delivered robust progress at a portfolio level and rent collection in excess of 90%. As well as improving occupancy, generating additional income to offset Covid-19 impacts and completing some key asset management projects, we have also increased our weightings to the better performing industrial and office sectors."
Current stock price: 73.10p
Year-to-date change: down 25%
By Anna Farley; annafarley@alliancenews.com
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Picton Prop (PCTN)