Hansteen increases 2013 interim dividend by 6%

DividendMax Ltd.

Hansteen increases 2013 interim dividend by 6%

Financial Highlights

Normalised Income Profit increased by 29% to £18.9 million (H1 2012: £14.7 million)

Normalised Income Profit per share, before tax, increased by 26% to 2.9p (H1 2012: 2.3p)

Normalised Total Profit increased by 29% to £22.0 million (H1 2012: £17.1 million)

IFRS profit before tax of £14.9 million (H1 2012: £23.7 million)

Diluted EPRA NAV per share 85p (31 December 2012: 83p)

November interim dividend increased by 6% to 1.9p per share (November 2012: 1.8p per share)

Net debt to property value ratio 41.9% (31 December 2012: 38.6%)

Operational Highlights

20 sales across the Group with a total value of £77.3 million and a combined profit of £3.2 million

£64.0 million of properties acquired in the year to date at an average yield of 10.8% and a vacancy of 15.4%

Launch of the second co-investment fund (HPUT II) seeded with £49.0 million of property from the wholly-owned portfolio.

Post 30 June 2013:

Successful issue of €100 million convertible bond

£52 million investment in the Ashtenne Industrial Fund and contract to manage the Fund

James Hambro, Chairman, commented: 

"The first half of 2013 was a busy period for Hansteen resulting in strong profits, a large number of sales and new acquisitions. This activity, together with a positive currency movement, produced NAV growth. Significant increases in the rent roll, normalised profits and the half year dividend show that the portfolio continues to perform strongly. Values of secondary industrial property have not yet shown the yield compression evident in relation to prime industrial property although if investor sentiment continues to improve we expect it to do so. At the end of this busy period, as announced at the end of June 2013, the €100 million convertible bond offering provides the Group with capacity to make further acquisitions."

Companies mentioned