Consistent with their previously stated policy, the Board has declared an unchanged interim dividend of 2.4 pence per share, which will be payable on 20 December 2019 to shareholders on the register on 29 November 2019. During H2 they will consider, in conjunction with our shareholders, the Company's preferred method of distributing surpluses to shareholders.
Other financial highlights include:
£3.6 million of development and trading gains in H1, with the balance of gains targeted later in H2; plan to achieve £35-45 million of gains for the year ending 31 March 2020 through the flexibility of our substantial project portfolio
Submitted planning for Phase 1 of our £1.4 billion scheme in Mayfield, Manchester; expect planning consent outcome for Landmark Court, 8 Albert Embankment and Mayfield in H2
Investment portfolio capital value down £5.8 million, a decline of 3.2% on a like for like basis, including our share of joint ventures (H1 2019: -2.6%), reflects the market decline in retail sector property values. Core portfolio initial yield of 7.0% (H1 2019: 6.6%)
Since half year, c.£24 million of assets are under offer, in line with our strategy to reduce our retail exposure and improve returns to achieve our medium term 10% per annum total return target
Impairment in H1 of £6.5 million relating to a forward funded development where construction has completed and is in the process of being sold. U+I anticipates recovering these costs in future periods
C.£1 million of annualised savings (representing 5% of the cost base) achieved in H1 as part of £4 million annualised savings targeted over the three year period to FY 2022. Marcus Shepherd appointed Chief Financial and Operating Officer (CFOO) to drive this strategic objective