Highlights
Strong performance
driven by occupancy growth
financial Highlights
| Financial metrics | Six months ended 30 September 2017 |
Six months ended 30 September 2016 |
% |
|---|---|---|---|
| Revenue | £58.1 million | £54.8 million | 6 |
| Like-for-like Revenue(1) | £57.1 million | £54.0 million | 6 |
| Store EBITDA(2) | £39.7 million | £36.9 million | 8 |
| Adjusted profit before tax(3) | £30.6 million | £27.0 million | 13 |
| Adjusted EPRA diluted earnings per share(4) | 19.1 pence | 16.9 pence | 13 |
| Interim dividend per share | 15.3 pence | 13.5 pence | 13 |
| Cash flow from operating activities (after finance costs)(5) | £32.5 million | £28.9 million | 12 |
| Store metrics | |||
| Occupancy growth (sq ft)(2) | 265,000 | 134,000 | 98 |
| Closing occupancy (% of MLA) | 83.8% | 78.5% | 5.3 ppts |
| Average achieved net rent per sq ft(2) | £26.02 | £26.05 | – |
| Statutory metrics | |||
| Profit before tax | £78.7 million | £57.7 million | 36 |
| Basic earnings per share | 50.0 pence | 36.7 pence | 36 |
1 Like-for-like revenue exclude Nine Elms and Twickenham 2, which were acquired in April 2016; 2 see Portfolio Summary (page 13); 3 see note 6; 4 see note 8; 5 Cash flow from operating activities (after finance costs) excludes working capital movements – see reconciliation in Business and Financial Review on page 9
First Half Highlights
- Strong occupancy performance driving 6% revenue growth
- Average rate flat period on period; closing net rent up 1% from 31 March 2017
- Continued growth in EBITDA, adjusted earnings and dividend
- Cash flow from operating activities (after finance costs and before working capital movements) increased by 12% to £32.5 million
- Adjusted profit before tax up 13% to £30.6 million
- 13% increase in interim dividend to 15.3 pence per share
- Acquisition of new development sites in Wapping (London), Bracknell and Slough taking pipeline to 575,000 sq ft (13% of current MLA)
- Planning consent obtained at Manchester for a landmark city centre store of 60,000 sq ft
- Refinancing extending the term of the Group’s debt and reducing the average cost