German business park operator Sirius Real Estate reduced half year losses as it cut costs and received higher rents from existing and new tenants.
Net rental income for half year ended September 30th increased to €15m from €12.22m the year before. Loss before tax reduced to €5.53m during the period from €23m the year earlier.
"We have seen the benefits of the improved cost recovery and reduction programmes, higher rental rates from existing and new tenants as well as the financial benefits of the recent management internalisation. As a result, we are reporting recurring profits significantly ahead of the same period last year," said Chairman Robert Sinclair.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Gross annualised rent roll level increased by 2% to €43.2m while average rent per sqm increased to €4.36 from €4.27 before.
Looking ahead the group aims to boost its portfolio and cost base and reduce and refinance existing debt facilities.
"The company is now able to demonstrate the strength of its underlying trading position having significantly reduced the cost base, enhanced the quality of its rent roll and improved the recovery of service charge costs. The core business is stable and profitable providing an opportunity to deliver attractive returns to shareholders," it said.
"Market demand, despite continued economic weakness remains stable, and there is increased interest in our smartspace and storage solutions which we continue to expand alongside other product offerings."
CJ
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
