Half-Year Report

About this update from Secure Property Development & Investment Plc

[{"type":"text","content":"\n \nRNS Number : 1384S Secure Property Dev & Inv PLC 28 September 2017  \n\nSecure Property Development & Invest PLC/ Index: AIM / Epic: SPDI / Sector: Real Estate\n \nSecure Property Development & Investment PLC ('SPDI' or 'the Company')\nHalf-Year Report\n \nSecure Property Development & Investment PLC, the AIM quoted South Eastern European focused property company, is pleased to announce its unaudited half-year report for the period ended 30 June 2017.\n \nFinancial Highlights\nContinued success in maximising returns from portfolio of South Eastern European prime real estate, the majority of which is let to blue chip tenants on long leases\n·      9% increase in operating income to ~€3 million (H1 2016: ~€2,8 million) thanks to active management of portfolio\n·      18% increase in EBITDA from operations to ~€1,8 million (H1 2016: ~€1,5 million) due to ongoing strategy to reduce cost base by ~30% by 2017 vis a vis 2015:\no  8% reduction in administrative expenses to ~€1,06 million (H1 2016: ~€1,15 million)\no  7.3% reduction in asset operating expenses to ~€361k (H1 2016: ~€390k)\nSignificant asset backing behind the Company:\n·      2% increase in net equity to ~€40 million compared to ~€39 million as at 31 December 2016 (H1 2016: ~€41 million) despite sale of assets\n·     Sale of non-core properties during the period achieved at book value \n·     Shares issued to Non-Executive Directors in lieu of fees at £0.35 per share, a 100% premium to the previous closing share price on 12 May 2017\nStrengthened balance sheet:\n·     8% reduction in operational gearing to 47% (H1 2016: 52%) - sale of Terminal Brovary resulted in repayment of ~€12 million EBRD debt\n·     17% reduction in net finance costs  to ~€1 million (H1 2016: ~€1,2 million) \n \nOperational Highlights\n·     Sale of Terminal Brovary completed at a Gross Asset Value of over €16 million generating a profit for SPDI of ~€2.7 million and a cash inflow of more than €3 million\n·     Lease agreement signed with large Romanian logistics operator Aquila srl for 5,740 sq m of space in the Innovations Logistics Park in Bucha...

More updates from Secure Property Development & Investment Plc