A & J Mucklow 2017 final results
Statutory pre-tax profit was £29.6m, which included a revaluation surplus of £13.0m (2016: £25.2m, including a revaluation surplus of £10.2m).
The underlying pre-tax profit, which excludes revaluation movements, profit on the sale of investment and trading properties and early repayment costs, increased by 6.0% during the year to £15.9m (2016: £15.0m). EPRA adjusted earnings per ordinary share was 4.9% higher at 25.05p (2016: 23.88p).
EPRA net asset value per ordinary share increased by 5.6% during the year from 446p to 471p. Basic net asset value per share increased by 26p to 469p.
Shareholders' funds rose to £296.7m (2016: £280.6m), while total net borrowings amounted to £78.5m (2016: £71.2m). Net debt to equity gearing was 26% and loan to value ("LTV") 20%.
Dividend
The Board is recommending the payment of dividends amounting to 12.24p per ordinary share, an increase of 3% over last year (2016: 11.88p), making a total for the year of 22.12p (2016: 21.47p).
A quarterly dividend of 5.15p per ordinary share is to be paid on 16 October 2017 to Shareholders on the register at the close of business on 15 September 2017 and a final dividend of 7.09p per ordinary share, if approved by shareholders at the AGM, will be paid on 15 January 2018 to Shareholders on the register at the close of business on 15 December 2017.
Both dividends will be paid as Property Income Distributions (PIDs).
