London Metric has continued to declare quarterly dividends and has offered shareholders a scrip alternative to cash payments.
The Company paid the third and fourth quarterly dividends for the year to 31 March 2019 of £30.7 million or 4.4p per share in the period as reflected in note 6 to the financial statements. The Company issued 1.3 million ordinary shares under the terms of the Scrip Dividend Scheme, which reduced the cash dividend payment by £2.6 million to £28.1 million.
The first quarterly payment for the current year of 2.0p per share was paid as a Property Income Distribution (PID) in October 2019. The second quarterly dividend will comprise a PID of 2.0p per share and has been approved by the Board for payment in January 2020. The total dividend payable for the half year of 4.0p represents an increase of 5.3% over the same comparative period.
Other financial highlights include:
Net rental income up 16.6% to £54.9m, including three months of income from the Mucklow acquisition
Contracted income up 39% to £124.7m in the period
EPRA earnings up 13.9% to £35.2m, 2.9% on a per share basis