26 February 2020 – interim results

The company has announced interim results for the six months ended 31 December 2019.  The IFRS 16 lease accounting standard has been applied for the first time and going forward, the company will also report adjusted EPRA earnings, which removes the effect of IFRS 16.  Adjusted EPRA earnings before tax increased to £4.4m (2018: £3.7m)  Adjusted EPRA earnings per share were 8.2p (2018: 6.9p).  Net assets per share were down 3.2% in the period to 343p (30 June 2019: 354p).  Net borrowings have continued to decrease and at the period end stood at £174.0m excluding finance leases/IFRS 16 (30 June 2019: £177.5m) giving a loan to value ratio of 48.5% (30 June 2019: 48.8%) excluding finance leases/IFRS 16.  The interim dividend was held at 3.25p per share.  We continue to believe the shares are cheap and keep our BUY rating.