(Alliance News) - LondonMetric Property PLC on Thursday said it swung to a profit in the first half of its financial year after a substantial impairment a year prior.
The FTSE 250-listed property company reported a GBP85.4 million pretax profit for the six months ended September 30, swinging from a GBP10.7 million loss in 2019. This swing resulted from a GBP48.3 million impairment of goodwill on the acquisition of subsidiaries in the year-earlier period that did not repeat.
Additionally, gross revenue rose 13% to GBP60.7 million from GBP53.5 million.
EPRA net tangible assets per share rose 3.1% to 175.5 pence from 170.3p, benefiting from a 4.8p per share valuation gain.
The company increased its dividend per share by 5.0% to 4.2p per share from 4.0p per share the year before.
Chief Executive Andrew Jones said: "Whilst we remain vigilant to the impact of Covid-19, our focus on owning the right assets in the winning sectors that can generate a secure and growing dividend, positions us well for the future. We will continue to assess and anticipate the wider macro changes in helping to frame the shape of our future portfolio."
Shares in LondonMetric were up 2.0% at 240.00p in London on Thursday morning.
By Anna Farley; annafarley@alliancenews.com
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