Redefine International posts interim profit rise, hikes dividend
Real estate investor group Redefine International said progress across its development and asset management plans drove its first half profit up.
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The London-listed company reported a £35.2m profit attributable to shareholders in the six months to the end of February, compared with a £0.9m loss it made in the corresponding period a year earlier.
Redefine said it had made progress on all of its asset management and development in the first half of its financial year, with an occupancy rate of 97.4%, unchanged from the end of the previous financial year in August 2014.
"The review period has again been characterised by high levels of activity across all areas of our business as we continue to strengthen the asset base and key drivers underpinning our progressive dividend policy," said group chief executive Mike Watters.
"A number of refurbishment and development projects have improved existing assets, while significant acquisitions have expanded the portfolio.”
Watters added that the FTSE 250 group had also taken advantage of the strong investment market to dispose of non-core holdings.
The group said it will pay an interim dividend of 1.6p per share, up 6.6% from a year ago, as its net asset value per share rose to 41.31p, an 8.3% increase year-on-year.
Redefine shares were down 0.11% to 59.19p at 11:11 on Wednesday.