Thursday 26 April 2018

U+I reports second year of record trading gains

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

Michael Cogley

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).

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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