Business
Preliminary results for year ended 31 March 2024
Preliminary results for year ended 31 March 2024.
About this update from Newriver Reit Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\nNewRiver REIT PLC\n\n\n\n\nPreliminary results for the year ended 31 March 2024\n\n\n\n\n21 June 2024\n\n\n\n\n\n\n \nContinued Strong Operational Performance, Stable Valuation and Confident Outlook\n \nAllan Lockhart, Chief Executive commented: \"During the fourth quarter, we have seen a continuation of the positive operational momentum that has built over recent years, which is reflective of both the steadily improving health of the underlying retail market and the inherent strengths of our business. The retail sector is arguably in the best position it's been in for several years following a wave of corporate restructurings and the successful repositioning of many retailers, which have created a healthier operating environment, as well as the increased market share of omnichannel retailers with physical retail playing a central role. \n \nOur retail portfolio, which demonstrated valuation stability in the second half of the year, is ideally positioned to benefit from consumers increasingly seeking value and convenience. The implementation of strategic key decisions over the last four years has reshaped our business, and we are entering an exciting time as we progress from resilience to sustainable growth. We have also continued to invest into our specialist asset management platform, meaning we are well placed to ramp up our Capital Partnerships activities, supported by our strong cash and liquidity position.\"\n \nBalance sheet positioned for growth\n\n\n\n\n●\n\n\nLTV of 30.8% vs 33.9% at 31 March 23 following disposals including the Napier Joint Venture which generated an IRR of 16% since acquisition\n\n\n\n\n●\n\n\nCash increased to £133.2m vs £111.3m at 31 March 23\n\n\n\n\n●\n\n\nInterest cover increased to 6.5x vs 4.3x at 31 March 23\n\n\n\n\n●\n\n\nNet debt to EBITDA improved to 4.8x vs 4.9x at 31 March 23\n\n\n\n\n●\n\n\nRefinanced £100m undrawn Revolving Credit Facility to extend maturity to November 2026 at reduced cost\n\n\n\n\n●\n\n\nFully unsecured balance sheet with interest rate fixed at 3.5% on drawn debt and no maturity on drawn debt until 2028\n\n\n\n\n \nStable underlying financials\n\n\n\n\n●\n\n\nUFFO of £24.4m (7.8 pence per share), reduced from £25.8m (8.3 pence per share) in FY23 due to disposals and Covid rel...