SEGRO has reported an 11.5% rise in adjusted pre-tax profits to £154.4m in 2016.
Total returns were 9.3%, outperforming the IPD average of 3.6%, while the value of the portfolio rose 4.8% on a like-for-like basis.
The logistics specialist said it made £565m of non-core disposals and invested £302m in its development pipeline. The completed developments added £24m to its rent roll.
Net rental income rose 4% on a like-for-like basis, which included a 6% rise in the UK and a 0.7% fall in continental Europe.
The final dividend was increased 5.7% to 11.2p, up from 10.6p in 2015.
David Sleath, chief executive of SEGRO, said: “Our business is well positioned, notwithstanding the current degree of political and economic uncertainty.
“We have had an active start to 2017 and we continue to see opportunities to grow our business through further disciplined investment, matched by a prudent approach to financing.”
| SEGRO full-year results 2015-16 | |||
|---|---|---|---|
| 2016 | 2015 | Change % | |
| Adjusted profit before tax (£m) | 154.5 | 138.6 | 11.5 |
| IFRS profit before tax (£m) | 426.4 | 686.5 | -37.9 |
| Adjusted earnings per share (pence, basic) | 19.7 | 18.4 | 7.1 |
| IFRS earnings per share (pence, basic) | 53.9 | 91.7 | -41.2 |
| Dividend per share (pence) | 16.4 | 15.6 | 5.1 |
| Portfolio valuation (SEGRO share, £m) | 6,345 | 5,773 | 4.8 |
| EPRA NAV per share (pence, diluted) | 500 | 463 | 8 |
| IFRS net asset value per share (pence, diluted) | 502 | 468 | 7.3 |
| Group net borrowings (£m) | 1,598 | 1,807 | -11.6 |
| LTV ratio including joint ventures at share (%) | 33 | 38 | – |
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