TR Property Investment Trust's annual earnings increase

TR Property Investment Trust Chairman Peter Salsbury delivered his last set of results on Wednesday before stepping down after nine years with the company.

TR Property Investment Trust Chairman Peter Salsbury delivered his last set of results on Wednesday before stepping down after nine years with the company.

Total income came to £133.9m for the year to end of March, up from a loss of £51.8m, on the back of strong performance of investments despite a tough market.

Advertisement - Article continues below

The organisation achieved an operating profit of £122.3m, compared to the prior year's loss of £59m.

Earnings per share rose to 37.84p from a loss of 17.37p per share.

The group proposed a final dividend of 4.35p, up from 4.20p a year earlier.

Salsbury said it was the 19th consecutive year the firm has increased the dividend with the exception of 2010 when it held steady.

He added that the company proved resilient against volatile equity markets and the impact of challenging macro-economic conditions.

"Your fund management team have taken account of the macro picture and then set about bottom up analysis of companies considering the quality of their assets and management to make investment decisions," he said in a note to shareholders.

The net asset total return for the year was 21.5%, versus the benchmark total return of 17.8%, an outperformance of 3.7%. The share price total return was 25.8%.

The physical property portfolio produced a positive total return of 7.4% for the 12 months comprising a capital return of 1.8% and an income return of 5.6%.

Fund Manager, Marcus Phayre-Mudge, said the company is confident of strong underlying earnings growth. However, "the timing and methods by which the companies make their distributions and the way in which these distributions are taxed, and currency movements, all have a bearing on our overall result".

Shares fell 0.19% to 210.40p at 09:15 Wednesday.




Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Industrial metals

Governments’ money-printing mania bodes well for base metals

Money is being printed like there is no tomorrow. Much of it will be used to pay for infrastructure projects – and that will be good for metals, says …
27 May 2020
EU Economy

Here’s why investors should care about the EU’s plan to tackle Covid-19

The EU's €750bn rescue package makes a break-up of the eurozone much less likely. John Stepek explains why the scheme is such a big deal, and what it …
28 May 2020

In support of active fund management

We’re fans of passive investing here at MoneyWeek. But active fund management has its place too, says Merryn Somerset Webb.
25 May 2020