Business
Results for the year ended 31 March 2023
Results for the year ended 31 March 2023.
About this update from Sirius Real Estate Limited
[{"type":"text","content":"\n\n\n\nSIRIUS REAL ESTATE LIMITED\n(Incorporated in Guernsey)\nCompany Number: 46442\nJSE Share Code: SRE\nLSE (GBP) Share Code: SRE\nLEI: 213800NURUF5W8QSK566\nISIN Code: GG00B1W3VF54\n \n5 June 2023\nSirius Real Estate Limited\n(\"Sirius Real Estate\", \"Sirius\", the \"Group\" or the \"Company\")\n \nResults for the year ended 31 March 2023\n \nSirius grows FFO growth to exceed €100 million FFO ambition and supports 29% dividend increase\n \n-Record like-for-like rental growth drives 9th consecutive year of dividend increase-\n \nSirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK, announces its consolidated financial results for the year to 31 March 2023.\n \nOperating platform continues to drive rental and FFO growth\n· 36.9% increase in Funds from Operations (\"FFO\") to €102.1 million (2022: €74.6 million), exceeding five-year €100 million target set in 2018\n· 7.7%* increase in Group annualised like-for-like rent roll to €175.9* million (2022: €163.3* million) driven by continued strong occupier demand in Germany and the UK\n· 24.5% increase in adjusted profit before tax to €96.0 million (2022: €77.1 million). Profit before tax decreased 48.5% to €87.0 million (2022: €168.9 million) primarily as a result of €7.7 million valuation deficit in 2023 compared to a €140.9 million surplus in the previous year.\n· 28.9% increase in FFO per share to 8.74c (2022: 6.78c)\n· 17.2% increase of EPRA EPS to 7.55c (2022: 6.44c)\n \nStrong operational performance supporting 28.8% increase in dividend and strong total return\n· 25.7% increase in H2 dividend to 2.98c per share (2022: 2.37c per share), amounting to a 28.8% uplift in the total dividend for the financial year to 5.68c (2022: 4.41c), maintaining the same pay-out ratio of 65% of FFO\n \nIncome driven valuation gains\n· 1.1% increase in investment property book value** to €2,123.0 million (2022: €2,100.1 million) as a result of strong income growth and investment offsetting yield expansion\n· Gross yield of 7.3% (2022: 6.9%) in Germany and 9.3% net yield (2022: 8.0%) in...