Last checked at 12 Jul 2012 07:00
NewRiver Retail Limited ("NewRiver" or the "Company")
AGM Statement and Update
At today's Annual General Meeting of NewRiver Retail Limited (AIM and CISX: NRR), Chairman Paul Roy will make the following statement:
"As reported in the annual results of 29 May 2012, NewRiver has started the current financial year well with a strong pipeline of opportunities and a wide-ranging programme of risk-controlled development and refurbishment underway. Less than three years since the Company's IPO NewRiver has become a recognised leader in its specialist retail sector by building a £275 million portfolio of assets under management and completing more than 120 leasing events.
During the last financial year alone the Company completed six acquisitions totalling a net £93 million, raised a further £42.5 million of equity capital which was immediately deployed to expand the portfolio, created a new banking relationship, completed two disposals and further strengthened the Board and management team.
This high level of activity was reflected in another strong set of financial results with gross revenues increasing threefold to £15 million, recurring EPRA profits up fivefold to £4.4 million, EPRA earnings per share increasing almost threefold to 17.3p and the total dividend for the year increasing almost threefold from 5.5p to 15p this year.
A highlight from the last financial year was the acquisition of a portfolio of four shopping centres for £68 million. As well as increasing the Company's asset base, the acquisition was part-funded by a successful equity fundraising, attracting new shareholders and enlarging the Company's market capitalisation.
The Company has achieved its key objective of establishing a profitable platform with a strong management team. Considering the challenging conditions in the wider UK economy, we are pleased to report that rent collection and void rates have remained positive at the March and June 2012 quarter dates, reflecting both the strength of our tenant covenant and the quality of the assets the Company owns. We continue to transact on attractive value-creating opportunities and we are confident that our strong relationships with retailers and a wide network of market contacts, combined with our sector focused knowledge will continue to deliver attractive opportunities."
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For further details contact:
NewRiver Retail Limited Paul Roy, Chairman David Lockhart, Chief Executive Mark Davies, Finance Director | Tel: 020 3328 5800 |
Pelham Bell Pottinger David Rydell / Rosanne Perry | Tel: 020 7861 3232 |