Business
Results for the year ended 31 March 2022
Results for the year ended 31 March 2022.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \n \n \n \n \n 14 June 2022\n \n \n PALACE CAPITAL PLC\n \n \n (\"Palace Capital\", the \"Group\" or the \"Company\")\n \n \n Preliminary Results for the year ended 31 March 2022\n \n \n \n A STRONG PERFORMANCE UNDERPINNED BY ACTIVE ASSET MANAGEMENT\n \n \n \n Palace Capital (LSE: PCA), the Main Market property investment company that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London with a focus on the office & industrial sectors, announces its preliminary results for the year ended 31 March 2022.\n \n \n Steven Owen, Interim Executive Chairman, commented:\n \n \n \"The Group has delivered a robust set of results driven by a combination of active operational and financial activity, property revaluation gains and profits arising from the disposal strategy resulting in a total accounting return of 14.8%.\n \n \n \"The Board announced in the Trading Update on 6 April 2022 that, in consultation with shareholders, it was considering a range of strategic options, including a return of capital, to unlock further value in the business. We expect to update the market on the strategic options that we will pursue before the Annual General Meeting in July 2022. The Board remains committed to maximising value for shareholders and closing the current share price discount to NAV.\"\n \n \n \n \n \n \n \n \n \n \n Income statement metrics\n \n \n \n \n \n \n Year ended\n \n \n \n \n 31 March 2022\n \n \n \n \n \n Year ended\n \n \n 31 March 2021\n \n \n \n \n Change\n \n \n \n \n \n \n Net property income\n \n \n \n \n \n £19.0m\n \n \n \n \n \n £14.9m\n \n \n \n \n \n +27.5%\n \n \n \n \n \n \n \n Adjusted profit before tax\n \n \n \n \n \n £7.8m\n \n \n \n \n \n £7.5m\n \n \n \n \n \n +4.0%\n \n \n \n \n \n \n \n Adjusted earnings per share\n \n \n \n \n \n 16.9p\n \n \n \n \n \n 16.4p\n \n \n \n \n \n +3.0%\n \n \n \n \n \n \n \n IFRS profit/(loss) before tax\n \n \n \n \n \n £24.6m\n \n \n \n \n \n (£5.5m)\n \n \n \n \n \n +£30.1m\n \n \n \n \n \n \n \n Basic earnings per share\n \n \n \n \n \n 53.1p\n \n \n \n \n \n (12.0p)\n \n \n \n \n \n +65.1p\n \n \n \n \n \n \n \n \n Dividends\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Dividend per share\n \n \n \n \n \n 13.25p\n \n \n \n \n \n 10.5p\n \n \n \n \n \n +26...