Real Estate Investors (REI) has revenue growth of 60.7% and a rise in net asset value per share for the year to 31 December.
Revenue grew to £13.5m from £8.4m in 2015, while NAV per share rose to 66.2p. The value of the group’s property assets were up 28.2% to £201.9m.
Earnings per share were up a whopping 250% to 2.8p, while pre-tax profit rocketed 271% to £5.2m. REI also announced a final dividend of 0.75p a share.
Paul Bassi, chief executive of REI, said: “Another excellent year of progress, despite an uncertain economic and political backdrop, during which we secured record property ownership, revenue and contracted rental income, with our underlying profits rising 271% to £5.2m, and set to grow further as we start to see the full contribution from the acquisitions made in the prior year. Our like for like portfolio valuation was up 3.9% over the year, reflecting the active asset management that we have undertaken. With the benefit of our clear pathway to future growth in rental income, we also anticipate further growth in our dividend payments.
“London and the South East have enjoyed over 50 years of exceptional economic prosperity, but we are now seeing a political, social and economic re-balancing within the UK. The regions, in particular Birmingham and the West Midlands, look set to enter a new golden era, propelled in part by the arrival of major projects such as HSBC’s HQ move and HS2, but also by the continued commercial growth in the area.”
19 September 2016
14 March 2016