Tuesday 6 December 2016

U+I reports second year of record trading gains

Published 28/04/2016 | 09:34

U+I is developing the Vertium Building on Burlington Road in Dublin
U+I is developing the Vertium Building on Burlington Road in Dublin

Property group U+I has posted a second year of record trading gains, which has driven further growth in the firm's net asset value (NAV).

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In the firm's results for the 12 months ended February 29, full year dividend remained flat at 13.9p (17.89c), including a supplementary dividend of 8p to paid on June 17.

In Ireland U+I sold the Charlemont Clinic site to Dalata in a deal worth €11.9m.

Profit before tax at the company fell to £25.8m (€33.2m) from £34.8m.

Basic earnings per share at the group also fell to 17.5p from 26.8p.

Net asset value growth at U+I continued last year as EPRA NAV per share increased by 5.4pc to £2.91.

U+I chief executive Matthew Weiner said he was proud to report on a successful year for the business.

"We have delivered a second year of record-level development and trading gains and made progress on our journey in positioning the company to be able to deliver its 12pc post-tax total returns target.

"As a result of this positive performance and the level of development and trading gains achieved, the Board intends to pay a supplemental dividend to shareholders, the second that we have declared in the last two financial years paid in accordance with a new policy announced today," he said.

Development and trading gains at the group increased by 11.8pc to £51.1m.

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