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Cromwell Release Half Year Results

15 Feb 2013 07:00

RNS Number : 9303X
Redefine International PLC
15 February 2013
 



15 February 2013

 

REDEFINE INTERNATIONAL P.L.C.

("Redefine International" or the "Company")

 

Cromwell Release Half Year Results

 

Redefine International is pleased to announce that its associate company, the Cromwell Property Group ("Cromwell"), released its half year results for the period ended 31 December 2012 on 14 February 2013. Cromwell is an Australian Property Trust listed on the Australian Stock Exchange, in which the Company currently has a 22.01% interest held through its wholly-owned subsidiary Redefine Australian Investments Limited.

Cromwell's half year financial report can be found at http://www.cromwell.com.au/aboutcromwell/newsroom/. The highlights for the period are set out below:-

 

CROMWELL POISED FOR GROWTH AFTER STRONG FIRST HALF

 

1H13 HIGHLIGHTS

 

Statutory accounting profit of $29.5 million, compared to a prior year loss of $6.8 million
Operating earnings of $45.9 million, up 24% from $37.0 million in 1H12
Like-for-like increase of 3.8% in net property income
Reduction in gearingfrom 51% at June 2012 to 44%
$143 million raised from institutional placements and $39 million raised from security purchase plan
Completed the acquisition of the balance of the Cromwell Property Fund
Fund management momentum continued with completion of Ipswich fund and launch of Box Hill Trust
FY13 operating earnings guidance maintained at not less than 7.5 cps, with distributions of 7.25 cps

 

 

Further enquiries:

 

Redefine International Property Management Limited

Investment Adviser

 

 

Michael Watters, Stephen Oakenfull

Tel: +44 (0) 20 7811 0100

 

FTI Consulting

Public Relations Adviser

 

 

 

Stephanie Highett, Dido Laurimore, Faye Walters

Tel: +44 (0) 20 7831 3113

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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