Hansteen profit surges

UK and Continental property investment firm Hansteen reported a sharp rise in half year profit, despite adverse currency movement and, on a like-for-like basis, occupancy, values and rent all improved.

Pre-tax profit jumped to £23.7m in the six months ended 30 June 2012 from £16.9m the same time a year earlier. Revenue increased to £40.1m during the period from £31.3m the year earlier.

Property valuations increased in both Europe and the UK with overall valuation up 0.8%. The group posted annualised rent roll, excluding HPUT, of £65.7m.

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Like-for-like occupancy, including HPUT, increased by 1,124 sq m.

James Hambro, Chairman, commented: "In the continuing difficult economic environment across Europe, Hansteen's results for the first six months of 2012 were good. Profit and dividends have both increased despite adverse currency movement and, on a like-for-like basis, occupancy, values and rent have all improved."

A November interim dividend of 1.8p per share has been recommended, up 13% from the same time last year.

Hambro added: "We have further cash resources and are seeing increasing opportunities in all of our core markets. Identifying and acquiring the truly outstanding opportunities is a difficult and frustrating task; however, we have recently concluded purchases on excellent terms and have a pipeline of further such opportunities, some of which are likely to be converted over the next 6 months."

CJ