Business
Trading update
Trading update.
About this update from Palace Capital Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3673V\n Palace Capital PLC\n 14 April 2021\n \n \n \n \n 14 April 2021\n \n \n \n \n \n PALACE CAPITAL PLC\n \n \n (\"Palace Capital\" or the \"Company\")\n \n \n Trading update\n \n \n \n \n \n Palace Capital (LSE: PCA), the Main Market listed property investment company that has a diversified portfolio of UK commercial real estate in carefully selected locations outside of London, provides the following trading update ahead of its annual results for the period ended 31 March 2021, which are expected to be announced in early June.\n \n \n Continuing high rent collection levels\n \n \n Rent collection continues to be very strong, despite the backdrop, with 92% of rents received for the December quarter and 94% collected for the financial year to 31 March 2021. As at the date of this announcement 82% of March 2021 quarter rents have been collected or are expected to be received under monthly payment plans, with 69% cash collected, 3% lease amendments and deferrals and 10% on payment plans or monthly not yet due. We expect to have collected in excess of 90% by the beginning of the June 2021 quarter, as we have in previous quarters.\n \n \n Consistently high levels of rent collection, as a result of proactive asset management initiatives and positive tenant engagement, have enabled Palace Capital to pay successive quarterly dividends of 2.5p since July 2020, including the recent quarterly dividend of 2.5p, paid on 9 April 2021.\n \n \n Cash reserves at 31 March 2021 were £9.4 million with a further £5.0 million available from the revolving credit facility, providing good liquidity.\n \n \n Net debt as at 31 March 2021 was £117.9million.\n \n \n Hudson Quarter \n \n \n Notwithstanding the tight restrictions imposed due to the pandemic over the last 12 months, the Company's flagship Hudson Quarter development in York is due to be completed on budget and handed over to Palace Capital before the end of this month. 40 apartments have been sold at an aggregate value of £10.77 million, with a further six under offer at a total of £1.75 million. Most of the apartments sold to date have been studios and one-bedroom apartments, with the larger, higher value apartments still available, and accordingly the average value has been at the lower price point for the scheme. \n \n \n Encouragingly, since th...