New River Retail has posted strong income growth despite a 1.7% dip in NAV and a 1% reduction in portfolio valuation in its half-year results.
This is the company’s first results since moving from the ATM to the London Stock Exchange in August.
Net income is up by 19% to £38.3m and funds from operations are up by 24% to £24.5n. The interim dividend also grew by 11% to 10 pence.
It has made acquisitions totalling £154m, taking assets under management to £1.3bn.
David Lockhart, chief executive, said Brexit had created buying opportunities for the company.
He added: “While uncertainty remains, our convenience-led portfolio, affordable rents, conservative balance sheet and risk controlled development pipeline will help us to deliver returns.”
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