Business
Final Results & Notice of AGM
Final Results & Notice of AGM.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \nRNS Number : 2073H Palace Capital PLC 06 June 2017 \n\n \n6 June 2017\n \nPalace Capital plc\n \n(\"Palace Capital\" or the \"Company\")\n \nAudited results for the year ended 31 March 2017\n \nNotice of AGM\n \n \nPalace Capital, the property investment company that focuses on commercial property outside London, is pleased to announce its audited results for the year ended 31 March 2017. \n \nHIGHLIGHTS\n \nFinancial Highlights\n· IFRS Profit before tax: increased by 7% to £12.6m (31 March 2016: £11.8m) reflecting a combination of trading profit, revaluation gains and profit on disposals\n· Portfolio valuation at 31 March 2017: increased by 6% to £183.2m (31 March 2016: £173.4m)\n· EPRA NAV per share*: increased by 7% to 443p at 31 March 2017 (31 March 2016: 414p) \n· Adjusted profit before tax*: increased by 20% to £6.7m (2016: £5.6m)\n· Adjusted EPS*: increased by 17% to 22.2p (31 March 2016: 18.9p)\n· Final dividend: 9.5p proposed, making a total for the year of 18.5p, a 16% increase (31 March 2016: 16.0p)\n \nOperational highlights\n· Acquisition: Boulton House, Central Manchester office building for £10.6m at a NIY 5.5% and reversionary yield of 8.5%\n· 13 sales, totalling £12.6m, generating £3.2m profit\n· Total ownership as at 31 March 2017 of 44 properties across 1.6m sq ft with over 165 leases\n· Overall occupancy of investment portfolio up to 91%** (2016: 89%) \n \nAsset management highlights\n· Application for planning permission at Hudson House, Central York submitted in March 2017 to include 127 apartments, 34,000 sq ft offices, 5,000 sq ft commercial space and car parking \n· £2.1m conversion of the vacant first floor offices at Dartford into\n13 self-contained flats was successfully let for 10 years to Dartford Borough Council at a rental of £146,500 per annum\n· Rent roll of £12.7m at 31 March 2017 (reduced from £13.5m at 31 March 2016 as a result of rece...