The Circle Properties have Board declared an interim dividend of 3.5p, which will be paid on 14 January 2022 to shareholders on the register on 10 December 2021, with an ex-dividend date of 9 December 2021. This dividend is an increase of 40% on 2020's COVID-19 impacted interim dividend of 2.5p and importantly, 6% ahead of 2019's interim dividend of 3.3p.
Other financial highlights include:
Unaudited estimated Net Asset Value ("NAV") per share of £2.74 (FY 2021: £2.74 / H1 2020: £2.83). This figure includes the full impact of disposals in the period
On a like-for-like basis (excluding completed disposals) the gross portfolio valuation as at 30 September 2021 was marginally down by 0.5% to £130 million in the period
Group LTV reflected 46.6% (excluding cash at bank) with a cash balance of £8.6 million reflecting a net LTV of 40%. Group LTV expected to reduce further following the completion of the disposal of One Castle Park in December 2021.
Operating profit after revaluation of investment properties of £2.1 million (H1 2020: £0.146 million)
Profit before tax of £1.3 million (H1 2020: loss £0.7 million)
Earnings per share of 4 pence (H1 2020: 2 pence)
Rental income of £3.2 million (H1 2020: £3.9 million), down largely due to disposals and corresponding loss of income