Londonmetric Property Plc (LNSPF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Morning, ladies and gentlemen, and welcome to London Metrics full year results for the period ending the 31st of March 2025. Usual arrangement this morning, I'm going to start with an overview of the year gone, go through some of the highlights of the financials. I'll get all the good numbers out of the way. I'll pass over to Martin. And he can take you through the detail and hopefully keep you interested. And then I'll come back and talk about the market and the activity that we've executed before finishing up with our thoughts for the period ahead, both at a sector level but also at a portfolio level. We'll then open up for Q&A, both in the room and on the phones. So if we start with an overview of the last 12 months, the companies continue to build a leading portfolio of triple net income assets. The portfolio is up at just under 6.2 billion and continues to demonstrate exceptional income characteristics. Some strong numbers with an earnings per share up 21%. This allowed us to progress our dividend for the 10th year in succession, which is now up 18%. And we continued to capture the cost synergies that we said we would this time last year as we were closing the LXI takeover. And that has allowed us a sector-leading EPRA cost ratio of 7.8%. Martin will come on to talk about that in a little bit more detail and our ambitions to reduce that even further. Our portfolio continues to be aligned to the strongest thematics, logistics, convenience, groceries, healthcare and entertainment. And again, I'll go on to talk about those four key sectors later on in the presentation. Over the year, we've continued to add new income through rent reviews, lease renewals, asset management initiatives. So 15 million of new income in the year, like-for-like income growth of 4.2% and a...