| Item | 2016 (£m) | 2015 (£m) | % change |
|---|---|---|---|
| Net rental income | 447 | 428 | 4 |
| Underlying earnings | 200 | 187 | 7 |
| Property revaluation deficit/surplus | -64 | 351 | -118 |
| Profit for the year | 172 | 518 | -67 |
| Underlying earnings per share (p) | 15 | 14.2 | 6% |
| Dividend per share (p) | 14 | 13.7 | 2% |
| Market value of investment properties | 9,985 | 9,608 | 4% |
| Net external debt | 4,364 | 4139 | 5% |
| NAV per share (diluted, adjusted) (p) | 404 | 404 | 0% |
Intu has posted a 7.2% rise in underlying earnings to £200m, although profits fell by 67% from £518m to £172m, largely from property revaluations.
The company said the results were ahead of expectations “in a year which will be remembered for its political turbulence”, with net rental income up 6.4% to £406.1m.
It raised dividends by 2.2% to 14p a share.
The valuation of the company’s investment portfolio was unchanged on a like-for-like basis, putting it ahead of the IPD retail index, which saw a 4.7% decrease. However, a total £64m deficit in the revaluations on its investments and redevelopments – compared with a £351m surplus last year – led to the fall in profits.
David Fischel, chief executive of Intu, said: “While the environment for business this year is likely to be challenging as the full impact emerges of the UK’s EU referendum vote, we are well positioned as we focus on top-quality assets in prime locations with high occupancy and strong footfall.
“The dividend increase reflects the results for the year and our confidence in intu’s prospects. We intend to deliver continuing growth in like-for-like net rental income over the coming years.”
In a separate announcement, intu appointed John Strachan, a non-executive director, as chairman of the company.
Strachan, a former president of Revo, will succeed Patrick Burgess after the AGM on 3 May.
• To send feedback, e-mail karl.tomusk@estatesgazette.com or tweet @ktomusk or @estatesgazette
