Segro PLc announces a 2020 full year dividend increased by 6.8 per cent to 22.1 pence (2019: 20.7 pence). Final dividend increased by 5.6 per cent to 15.2 pence (2019: 14.4 pence).
Other financial highlights include:
- Adjusted pre-tax profit of £296.5 million up 10.8 per cent compared with the prior year (2019: £267.5 million). Adjusted EPS is 25.4 pence (2019: 24.4 pence).
- Adjusted NAV per share is up 16.3 per cent to 814 pence (2019: 700 pence) mainly due to a 10.3 per cent increase in the valuation of the portfolio driven by asset management, our development activity and yield compression.
- A record leasing and asset management performance with £77.9 million of new headline rent in 2020, including £41.1 million of new pre-let agreements.
- Net capital investment of £1.3 billion through key strategic asset acquisitions, development projects and land purchases.
- Near-term earnings prospects underpinned by 1.2 million sq m of development projects under construction or in advanced pre-let discussions equating to £81 million of potential rent, of which 75 per cent has been pre-let, substantially de-risking the 2021 pipeline.
- Over £1 billion of new equity and debt financing, helping to strengthen the balance sheet for further, development-led growth. LTV of 24 per cent at 31 December 2020.