Half year Results to 31 December 2015
Gross rental income received during the first six months of our financial year was 9.7% higher at £11.5m (31 December 2014: £10.5m).
The underlying pre-tax profit†, which excludes revaluation movements and profit on the sale of investment and trading properties increased by £1.0m to £7.5m (31 December 2014: £6.5m).
IFRS profit before tax for the half year was £14.4m, including a revaluation surplus of £6.9m (31 December 2014: £27.4m with revaluation surplus of £20.9m).
EPRA adjusted earnings per ordinary share was 11.89p (31 December 2014: 10.38p).
EPRA net asset value per ordinary share increased by 11p to 438p at 31 December 2015 (30 June 2015: 427p).
Shareholders' funds rose to £275.8m (30 June 2015: £268.6m), while net debt to equity gearing and loan to value (LTV) remained the same at 26% and 20% respectively.
Dividend
The Directors have declared an interim dividend of 9.59p per ordinary share, an increase of 3% over last year (31 December 2014: 9.31p). The dividend will be paid as a PID on 1 July 2016 to Shareholders on the register at the close of business on 3 June 2016.
