NewRiver REIT PLC - London-based developer and manager of retail infrastructure - Swings to pretax profit of £8.2 million in half-year to September 30, from £2.6 million loss year-on-year. Net tangible assets per share fell to 106 pence at September 30, down 8% from 115p at March 31. NewRiver is cuts half-year dividend to 3.0p per share, versus 3.4p the year prior. Half-year revenue has drops to £31.8 million from £33.2 million last year.
The company says its outlook remains positive, ‘despite the uncertain macro environment’, as it anticipates realising the benefits of recent mergers and acquisitions. The results follow NewRiver’s £151 million purchase of Capital & Region, court-sanctioned last Friday.
‘This has been a transformational period for NewRiver marked by the successful acquisition of Capital & Regional which completed earlier this week. This transaction substantially increases our scale and will deliver significant benefits including a material increase in our earnings,’ Chief Executive Officer Allan Lockhart adds.
Current share price: 80.30 pence
12-month change: down 1.4%
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