Acquisitions strategy underpins rising profit at Raven Russia

FTSE 250-listed Raven Russia has unveiled its financial results for the year ended December 31st, showing that underlying operating profit rose 63 per cent to 112.1m dollars, underpinned by profitable acquisitions.

The Russia-focused property investment company reported that net rental and related income for the year increased by 49% to $136.5m.

Underlying operating profit increased by 63% to $112.1m and underlying earnings before taxation rose from $8.1m to $34.7m.

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The company reported that significant acquisitions added two fully let properties in Moscow to the portfolio, with 259,000 square metres of space. The acquisitions - partly financed by an issue of 48.4m preference shares at 134p - increased the net rental and related income in the period by $15.1m and added $31.9m to Raven Russia's annualised net rental and related income, the company said.

Underlying earnings before tax increased from $8.1m to $34.7m and the IFRS operating profit before revaluation of properties increased from $57.8m to $84.4m, the company reported.

The underlying basic earnings per share was 5.30 cents per share.

Richard Jewson, the Chairman of Raven Russia, said: "The group is making very good progress. Lettings have continued in an under-supplied market, finance facility maturities have been extended and important earnings enhancing acquisitions made. It has been a busy and fulfilling year."

MF