Half-Year Results to 31 December 2016
The underlying pre-tax profit increased by 5.3% during the first six months to £7.9m (31 December 2015: £7.5m).
Statutory pre-tax profit for the half year was £9.1m (31 December 2015: £14.4m), including a revaluation surplus of £0.5m (31 December 2015: £6.9m).
EPRA adjusted earnings per ordinary share increased by 5.5% to 12.54p (31 December 2015: 11.89p).
EPRA net asset value per ordinary share increased marginally to 448p (30 June 2016: 446p).
Shareholders' funds rose to £282.3m (30 June 2016: £280.6m), while net debt to equity gearing and loan to value (LTV) were 28% and 21% respectively (30 June 2016: 25% and 20%).
Dividend
The Directors have declared an interim dividend of 9.88p per ordinary share, an increase of 3% over last year (31 December 2015: 9.59p). The dividend will be paid as a Property Income Distribution (PID) and split into two quarterly dividends of 4.94p each. The first quarterly dividend will be paid on 18 April 2017 to Shareholders on the register at the close of business 17 March 2017 and the second dividend will be paid on 17 July 2017 to shareholders on the register at the close of business on 16 June 2017.
