Business
Annual Results for year ended 30 June 2017
Annual Results for year ended 30 June 2017.
About this update from Kcr Residential Reit Plc
[{"type":"text","content":"\n \nRNS Number : 7550T K&C REIT PLC 17 October 2017 \n\n \n \n \n \n \n17 October 2017 \nK&C REIT plc\n(\"K&C\" or the \"Company\")\n \nAnnual Results for year ended 30 June 2017\n \nK&C REIT plc (AIM: KCR), the residential real estate investment trust group, is pleased to announce its annual results for year ended 30 June 2017. A copy of the annual report and accounts will be posted to shareholders shortly. A copy will also be available from the Company's website, www.kandc-reit.co.uk.\nHighlights:\n· Revenue up 240% to £514,746 (2016: £151,417)\n· Gross profit up 343% to £404,202 (2016: £91,177)\n· NAV per share of 8.57p at 30 June 2017 (2016: 9.42p)\n· Year-end portfolio valuation of £7.24 million (2016: £7.13 million)\n· Company issued £599,000 of new equity and £350,000 of restricted preference shares in the year \n· £1.35 million 6% loan note 2020 issued after the year-end, partly to finance acquisition of three residential units at Company's freehold Heathside property for £935,000.\nCommenting on the results, Michael Davies, Chairman of K&C, said:\n\"K&C continued to make progress during the period despite the wider residential property market having to contend with a number of political and economic events. The Company successfully raised capital and made further investment in the portfolio to improve performance. As such, revenue has grown through ground rents, sales commissions and lease extensions and occupancy levels remain close to 100 per cent. Post year-end, the Company completed the acquisition of three residential units at its freehold Heathside property in Hampstead for £935,000, with refurbishing and improvements underway. \n\"The Board continues to find and be shown interesting acquisition opportunities and looks forward to updating the market in due course on further progress and asset developments.\" \n \n\n\n\n\nK&C REIT plc\nDominic White, Chief executive\n&nbs...