Palace Capital PLC announce a second quarterly dividend of 3.25p which will be payable on 31 December 2021 to shareholders on the register on 10 December 2021. The entire dividend will be paid as a Property Income Distribution.
Other financial highlights include:
IFRS profit before tax for the period up 211% to £8.0 million (September 2020: £7.2 million loss) as a result of development profits, leasing activity, property valuation increases, and profits on disposals.
Basic EPS up 212% to 17.4p (September 2020: 15.5p loss).
Adjusted EPS of 8.7p, reflecting a 1.4x cover of the 6.25p dividend for the period.
EPRA NTA per share of 362p, up 3.6% (March 2021: 350p) and IFRS net assets of £163.6 million (March 2021: £157.8 million).
Increased EPRA earnings of £3.7 million (September 2020: £3.2 million).
97% of rents collected for the June quarter and 90% of all rents due on and since the September quarter day collected to the date of this announcement, both higher than the equivalent quarter in 2020. This is expected to increase to 95% when the monthly payments for December are received.
Group LTV reduced to 36% (March 2021: 42%) reflecting strong sales at Hudson Quarter, York and ongoing disposal programme, with all disposals above book value.
Solid balance sheet with cash reserves and immediately available facilities of £18.7 million as at 30 September 2021.
£26.5 million development facility from Barclays Bank now reduced to £1.6 million, which will be repaid in full by the end of this month.
Net Debt of £93.2 million (March 2021: £118.9 million).
Total accounting return of 5.2% (September 2020: -3.3%).