| Item | % rise from year-end 2013 |
|---|---|
| Pretax profit | 208 |
| NAV | 23 |
| UK valuation | 17 |
| European valuation | 2.2 |
| Overall rental income | 2.4 |
| UK rental income | 4.9 |
FINANCE: SEGRO’s pretax profits jumped by 208% to £654.4 in the full year to the end of December 2014.
The industrial developer saw its NAV climb to 384p in the same period, up by 23% year-on-year, owing to increased asset values and development projects. Valuations across the UK portfolio were up to £4.8bn, or 17% higher than 2013.
The continental European portfolio saw a 2.2% rise in values over the same period.
This has helped the loan-to-value ratio of the portfolio fall from 42% in 2013 to 40% for 2014.
Profit increases were driven by the ongoing asset sales at the industrial developer’s REIT, which totalled £1.6bn in 2014. The strategic redirection has also led to £1.3bn of added developments and acquisitions.
Rental growth increased by 2.4% in like-for-like terms to £35.4m, with UK rental income alone growing by 4.9% in the same period.
SEGRO said that the re-positioning of the company was now largely complete.
