Redefine posts loss but ups dividend

Propert investment firm Redefine posted a full year loss but upped its dividend.

Propert investment firm Redefine posted a full year loss but upped its dividend.

Basic loss per share was 21.7p for the year to the end of August, down from a 1.18p profit the year before.

The loss attributable to equity holders was £124.76m, with the company putting the blame on a net decrease in the fair value of its investment property and assets held for sale of £126.9m.

Much of that loss in fair value - £94.6m - related to the historic "Wichford" UK portfolio, including assets in the Gamma and Delta portfolios, the firm said.

The firm said gross rental income was £76.2m, up 184.3% on the comparable period.

Earnings available for distribution were £25.5m, up 25.6% on the prior year.

The firm announced a second interim dividend of 2.30p per share, an increase of 9.5% on the year before.

This took total declared dividends for the year of 4.4p per share, up 6.5% on 2011.

Chairman Greg Clarke said the outlook for much of the UK and Eurozone economies remained subdued.

"But, with a renewed focus on investment, the company is now well placed for future growth at a time when there are attractive opportunities to make accretive acquisitions," he said.

Redefine efforts are ongoing to reduce its overall loan to value ratio (net of cash) to no more than 60%.

The firm said priorities for 2013 were to reduce the group's overall exposure to UK regional offices through the sale of assets.

it also plans to improve the quality of its portfolio by keeping its exposure to assets with long-term secure leases and/or higher value alternative uses.

Recommended

Share tips of the week - 12 August
Share tips

Share tips of the week - 12 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
12 Aug 2022
Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022

Most Popular

UK House Prices Set To Fall? It’s Not So Simple
House prices

UK House Prices Set To Fall? It’s Not So Simple

Figures suggest UK house prices are starting to slide, but we shouldn’t take these numbers at face value, explains Rupert Hargreaves.
11 Aug 2022
Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Three solar stocks to invest in
Renewables

Three solar stocks to invest in

This week, professional investor Nicholas Mersch of the HANetfS&P Global Clean Energy Select HANzero UCITS ETF tells us three solar stocks to invest i…
12 Aug 2022