Schroder Real Estate notes profit jump in half-year, lifts dividend

(Alliance News) - Schroder Real Estate Investment Trust Ltd on Tuesday reported profit growth and ...

Alliance News 26 November, 2024 | 2:59PM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Schroder Real Estate Investment Trust Ltd on Tuesday reported profit growth and a modest improvement in net asset value over the past six months.

The UK-based investment firm focused on sustainably-designed buildings reported pretax profit for the half-year ended September 30 of GBP11.7 million, compared to GBP3.5 million the year prior.

The company also increased the dividend to 1.71 pence per share, up 2.4% from 1.67p the year prior.

The net asset value rose 1.0% to 59.40 pence per share at the September 30 half-year end, up from 58.8p in March, with a positive NAV total return of 4.0%, compared to 1.1% in March.

Alastair Hughes, the property firm's chair commented that "favourable momentum combined with our quality portfolio, strategic asset management, cost discipline and our low cost of debt should provide the opportunity for sustained and growing income". Hughes added that high tenant demand outstripping supply had contributed to rental growth and returns.

Schroder Real Estate shares were down 1.0% at 50.50 pence each on Tuesday afternoon in London.

By Holly Munks, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Schroder Real Estate Invest Ord 50.60 GBX -0.78 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures