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Cromwell Releases Half Year Results

20 Feb 2014 15:31

RNS Number : 5782A
Redefine International PLC
20 February 2014
 



20 February 2014

REDEFINE INTERNATIONAL P.L.C.

("Redefine International" or the "Company")

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00B8BV8G91

 

CROMWELL RELEASES HALF YEAR RESULTS

 

Redefine International is pleased to announce that the Cromwell Property Group ("Cromwell"), in which the Company currently has a 13.19% interest, has released its results for the half year ended 31 December 2013. Cromwell is an Australian Property Trust listed on the Australian Stock Exchange. The Company's interest is held through its wholly-owned subsidiary Redefine Australian Investments Limited.

Cromwell's financial report and presentation can be found on its website:

http://www.cromwell.com.au/aboutcromwell/newsroom/.

The highlights for the six months to 31 December 2013 are set out below:-

CROMWELL DELIVERS RECORD FIRST HALF OPERATING PROFIT

· Statutory profit up 194% to $86.7 million

· Half-year profit from operations up 59% over 1H13 to a record $73.2 million

· Sale of 6 non-core assets for $253 million and purchase of Northpoint Tower

· Increase in external AUM to $1.2 billion, with funds management earnings up 285%

· Gearing reduced to 43%, with debt refinance well advanced

· Full year guidance of at least 8.4 cps earnings and 7.5 cps distributions maintained

 

Further enquiries:

Redefine International

Michael Watters, Stephen Oakenfull

Tel: +44 (0) 20 7811 0100

FTI Consulting

Public Relations Adviser

Stephanie Highett, Dido Laurimore

 

 

Tel: +44 (0) 20 7831 3113

Marketing Concepts

SA Public Relations Adviser

Jaclyn Lovell

 

 

Tel: + 27 (0) 11 783 0700

JSE Sponsor

Java Capital

 

Tel: + 27 (0) 11 283 0042

 

 

 

Notes to editors:

Redefine International is a UK-REIT with a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.

 

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