CLS Holdings has reported a strong increase in year-end net asset value per share, aided by a share buy-back scheme.
For the year ending31 December, the group, which has a stake in Irvine Sellar’s Southwark tower scheme, posted a 12.1% NAV hike from 325.5p to 365p.
The value of the underlying portfolio rose 8.5% to £728.3m. Net rental income was up 21.3%, from £42.1m to £51.1m.
The group, which has £55.2m in cash, mainly from refinancing its UK portfolio, plans further share buy-backs.
CLS said that it intends to recommend a tender offerbuy-back of 1 in 35 of its shares at a price of 255p per share. It has spent £25m on its own shares this year and £63m since 1998.
Pretax profits were down to £11.3m from £14.8m. Chairman Sten Mortstedt said that fall in pretax profits had been driven by an £8.9m hit in respect of the group’s equity investments.
He said that, while London had seen a weakening of tenant demand, the group had seen only a 3.6% vacancy rate on its central London portfolio, and that 30% of rental income was secured by government covenants.
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CLS: year to Dec |
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NAV per share rose to 365p |
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Source: CLS Holdings |
