Business
Interim results for the period to 31 March 2024
Interim results for the period to 31 March 2024.
About this update from Roadside Real Estate Plc
[{"type":"text","content":"\n\nThis announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.\n \n \nRoadside Real Estate PLC\n \n(\"Roadside,\" the \"Company\" or the \"Group)\n \n \nInterim results for the period to 31 March 2024\n \n \nRoadside, (AIM: ROAD) the roadside real estate business, announces its unaudited interim results for the six month period to 31 March 2024.\n \nThe Company continued to focus on its roadside real estate strategy via its joint venture, (the \"JV\") with Meadow Partners LLP, (\"Meadow\") whilst executing its disposal strategy.\n \nCharles Dickson, Executive Chairman, commented:\n\"Having refinanced the business we are now actively pursuing the assembly of our institutional quality roadside real estate portfolio, with c.£100 million imminent pipeline via the above mentioned JV. We have a quality roster of prospective tenants keen to occupy our planned acquisition sites, which will feature a combination of Drive-Thru, Foodvenience, Local Logistics, Trade Counters and Electric Vehicle charging stations.\n \n\"By the end of the 2024 calendar year, we expect to have deployed much of the £100 million capital allocation agreed with Meadow, subject to diligence and commercial negotiation, increasing the Company's management and development fee earnings, whilst noting that there is no certainty as to the total quantum and timing of deployment.\n \n\"Our two wholly-owned sites in Wellingborough and Maldon are now fully let and we completed three JV acquisitions during the first half of the current financial year, being assets in Stoke, (£5.3 million) Gosport, (£2.8 million) and Coventry, (£3.3 million). The assets were acquired in line with the agreed JV funding split whereby Meadow own and fund 97% of the JV while Roadside own and fund 3%.\"\n \n\"We look forward to sharing further updates as we move ahead.\"\n \nFinancial highlights\nResults from continuing operations for the six months to 31 March 2024 were\n \n\n\n\n\n \n\n\nSix months to 31 Mar 24^\n£m\n\n\n15 months to 30 Sep 23\n£m\n\n\n\n\nRevenue\n\n\n0.13\n\...