TIDMSTP
RNS Number : 5279H
Stenprop Limited
04 December 2020
STENPROP LIMITED
(Registered in Guernsey with registration number 64865)
LSE share code: STP JSE share code: STP
ISIN: GG00BFWMR296
4 December 2020
SHORT-FORM ANNOUNCEMENT:
Half year results announcement for the six months ended 30
September 2020
The publication of this announcement is in line with
Johannesburg Stock Exchange requirements.
Highlights for the six months ended 30 September 2020
+4.4% 3.40p 8.38p 3.375p 36.6%
===================== ============== ============= ============== ===========
Like-for-like Adjusted EPS* Diluted IFRS Dividend per LTV* ratio
portfolio valuation EPS share, fully
increase for covered and
period maintained
============== ============= ============== ===========
Financial Highlights
-- Fully covered dividend at 3.375 pence per share for the six
months ended 30 September 2020 (2019: 3.375p). A scrip alternative
will be offered, which the directors intend to match through the
buyback of shares(1) .
-- 4.4% increase in diluted IFRS net asset value per share to
GBP1.43 (31 March 2020: GBP1.37).
-- 4.3% growth in EPRA Net Tangible Assets ('NTA') per share to
GBP1.44 (31 March 2020: GBP1.38) driven by an asset management led
uplift in property values, with like-for-like total portfolio
valuation growth of 4.4%.
-- Diluted IFRS EPS increased 82.5% to 8.38 pence (2019: 4.59
pence). Adjusted EPS was 3.40 pence (2019: 3.41 pence).
-- Net rental income for the period of GBP15.0 million (2019:
GBP15.8 million). Profit from operations increased 65.0% to GBP29.1
million
(2019: GBP17.6 million).
-- Headline earnings per share grew 2.0% to 3.08 pence (2019: 3.02 pence).
-- Strong balance sheet with cash and cash equivalents of
GBP51.1 million, including free cash of approximately GBP40
million.
-- Group LTV was 36.6% (March 2020: 40.8%), falling to 29.6%
when applying free cash (March 2020: 27.7%). Significant headroom
exists for both interest cover and LTV loan covenants.
Operational Highlights
-- Rent collection for the period remained strong at 90% across
the portfolio as at 30 September 2020.
-- 18% average uplift in MLI passing rents driven by continued
strong leasing momentum with 119 new lettings/lease renewals at an
average lease term of 3.8 years, generating GBP2.3 million of
rental income per annum.
-- MLI occupancy up 2.2% to 93.3% (March 2020: 91.1%) with total occupancy at 94.4%.
-- Notable increases in traffic through our industrials.co.uk
website resulted in a 30+% increase in direct leasing calls and
total average weekly leasing calls up approximately 100% compared
to 2019.
-- Five MLI estates acquired in the six-month period for an
aggregate purchase price of GBP40.0 million, generating an
additional GBP2.5 million of rental income per annum. A further
three estates completed post period end for GBP20.2 million,
generating an additional GBP1.4 million of rental income per
annum.
-- MLI portfolio surpassed five million sq ft for the first
time, growing the portfolio value to GBP360.5 million, up from
GBP291.6 million at the same time last year and representing 62.8%
(2019: 44.6%) of the total property portfolio by value with a
target of 75% by the end of the financial year.
-- Recycling of assets on track with the sale of the Neuc lln
Carrée retail park in Berlin at a sale price EUR27.0 million, 15.4%
ahead of the year end valuation. Further German sales expected in
the second half of the financial year.
* 'EPRA' means European Public Real Estate Association. 'NTA'
means net tangible assets. 'EPS' means earnings per share. 'LTV'
means loan-to-value. 'IFRS' means International Financial Reporting
Standards. 'Like-for-Like' is a change in measure for reference
data existing in the current and previous period. 'Free cash' is
cash and cash equivalents less restricted cash and cash held for
other purposes.
(1) . The interim dividend was declared by the directors on 2
December 2020. Part of the distribution will be a Property Income
Distribution (known as a PID) which, subject to certain exemptions,
will attract UK withholding tax. A further announcement informing
shareholders of the salient dates and tax treatment will be
released in due course.
This short-form announcement is the responsibility of the
directors and represents a summary of the information contained in
the full announcement released on SENS and the LSE on 4 December
2020 and does not contain full or complete details of the financial
results. None of the information contained in this announcement has
been reviewed or reported on by the Company's auditors. The full
announcement can be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2020/jse/isse/STP/HY2020.pd
f
Stenprop Limited's condensed financial statements for the six
months ended 30 September 2020 have been reviewed by the Company's
auditors BDO LLP, who have provided an unqualified opinion within
their review report. The full announcement including the Company's
reviewed condensed financial statements is available on the
Company's website:
stenprop.com/investors/results-and-presentations/
Copies of the full announcement may be requested at 180 Great
Portland Street, London, United Kingdom, and at the office of the
sponsor, Java Capital, at 6th Floor, 1 Park Lane (entrance at 39
Wierda Road West), Wierda Valley, Sandton, 2196, Johannesburg,
South Africa, during office hours at no charge from Friday, 4
December 2020 to Friday, 11 December 2020. Any investment decision
by shareholders and/or investors should be based on information
contained in the full announcement published on SENS and the LSE,
and on the Company's website: www.stenprop.com
.
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END
IR FFFLLFILVIII
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