15 Oct 2020 14:53
15 October 2020
Highcroft Investments PLC
Trading update and dividend declaration
Trading update
The board of Highcroft Investments PLC is pleased to report that 81% of the rent invoiced and due to date for Q4 of the current financial year has been collected (Q3: 83%; Q2: 78%). The group is working in conjunction with its tenants to collect outstanding cash and minimise bad debts. The group continues to operate robustly, despite the unusual and unpredictable times created by the COVID-19 pandemic and the board is mindful of the on-going effect on the UK economy, our tenants and all our stakeholders. Consequently, the group continues to take a cautious approach to working capital management and is focussed on continuing to deliver long-term shareholder value post COVID-19.
Dividend declaration
The directors have agreed an interim property income distribution of 21p (2019 21p) per share, payable on 6 November 2020 to shareholders on the register at 23 October 2020 (with an ex-dividend date of 22 October 2020).
Outlook
We said in our interim results announced in September that the on-going property investment environment, in particular the retail sector, would be likely to remain challenging for the remainder of the year and into 2021 and this remains the case. However, we believe that our diversified asset selection criteria and tenant mix within our current portfolio creates a strong base from which to continue to develop our business and generate further shareholder value.
Charles ButlerChairman15 October 2020
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
For further information, contact:
Highcroft Investments PLC +44 (0)1865 840023
Charles Butler/Roberta Miles
N+1 Singer +44 (0)20 496 3000
Peter Steel / Amanda Gray - Corporate Finance
Tom Salvesen - Corporate Broking