Business
Half-year Report
Half-year Report.
About this update from Cls Holdings Plc
[{"type":"text","content":"\n\n \n \n \n \n \n \n \nPRESS RELEASE\n \nRelease date: 9 August 2023\nEmbargoed until: 07:00\n \nCLS HOLDINGS PLC\n(\"CLS\", the \"Company\" or the \"Group\")\nANNOUNCES ITS HALF-YEARLY FINANCIAL REPORT\nFOR THE 6 MONTHS TO 30 JUNE 2023\n \nNet rental income growth, good financing progress and significant further rental upside potential\n \nCLS is a leading FTSE250 office space specialist and a supportive, progressive and sustainably focused commercial landlord, with a c.£2.2 billion portfolio in the UK, Germany and France, offering geographical diversification with local presence and knowledge. For the half year ended 30 June 2023, the Group has delivered the following results:\n \n\n\n\n\n\n\n\n30 June 2023\n\n\n31 December 2022\n\n\nChange (%)\n\n\n\n\nEPRA Net Tangible Assets (\"NTA\") per share (pence)1\n\n\n291.6\n\n\n329.6\n\n\n(11.5)\n\n\n\n\nStatutory NAV per share (pence)1\n\n\n271.5\n\n\n307.3\n\n\n(11.7)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nContracted rents (£'million)\n\n\n108.7\n\n\n110.2\n\n\n(1.5)\n\n\n\n\n \n\n\n\n\n\n\n\n30 June 2023\n\n\n30 June 20222\n\n\nChange (%)\n\n\n\n\nNet rental income\n\n\n55.6\n\n\n52.8\n\n\n5.3\n\n\n\n\n(Loss)/profit before tax (£'million)\n\n\n(106.4)\n\n\n21.3\n\n\nNm3\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nEPRA Earnings per share (\"EPS\") (pence)1\n\n\n5.2\n\n\n5.8\n\n\n(10.3)\n\n\n\n\nStatutory EPS from continuing operations (pence)1\n\n\n(26.2)\n\n\n4.4\n\n\nNm3\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDividend per share (pence)\n\n\n2.60\n\n\n2.60\n\n\n-\n\n\n\n\n1 A reconciliation of statutory to alternative performance measures is set out in Note 5 to the condensed Group financial statements\n2 Restated for reclassification of student to investment property (see account note 3 for detail)\n3 Nm = Not meaningful\n \n \nFredrik Widlund, Chief Executive Officer of CLS, commented:\n \n\"CLS has continued to perform well and deliver on its business plan despite macro-economic conditions remaining challenging. We have completed twelve out of thirteen of our planned 2023 refinancings already as well as two of our three major projects to improve the quality of our buildings, which has contributed to our ongoing relativ...