Business
Annual Results For The Year Ended 31 March 2019
Annual Results For The Year Ended 31 March 2019.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 0073B Palace Capital PLC 04 June 2019 \n\nPalace Capital plc\n(\"Palace Capital\" or the \"Company\")\nANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2019\nREGIONAL FOCUS CONTINUES TO GENERATE INCOME AND CAPITAL GROWTH\n \nPalace Capital (LSE: PCA), the Main Market listed real estate investment company that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London, is pleased to announce its annual results for the year ended 31 March 2019 following its first full year on the Main Market of the London Stock Exchange.\nPositive financial results despite economic uncertainty\n· Profit before tax of £6.4 million\n· Adjusted profit before tax of £8.9 million\n· Adjusted earnings per share of 17.3p\n· Dividend maintained at 19.0p or £8.7 million paid\n· Decrease in net assets of 1.6%, to £180.3 million\n· EPRA NAV of 407p\nOutperforming property portfolio\n· Total property return of 7.1%, well ahead of MSCI UK Quarterly Index figure of 4.6%\n· Like-for-like valuation increase of 0.5%, compared to MSCI growth in UK capital values of 0.1%\n· Like-for-like rental value up 1.1% to £16.4 million\n· 37 new leases completed at an average of 14% above ERV\n· Occupancy of 87%, with some tactical vacancies held for accretive asset management\n· Sale of 50 non-core residential assets for £18.2 million \n· Acquisition of One Derby Square, Liverpool for £14.0 million with considerable asset management opportunities\n· £5.6 million invested in accretive refurbishment and development projects\nSignificant progress on Hudson Quarter York development\n· Demolition and site preparation completed in the year, scheme launching June 2019\n· Funding secured with Barclays Bank for development facility totalling £26.5 million\n· £33.6 million construction contract signed and two year p...