Stenprop has reported a 89.5% like-for-like leap in its pretax profit to £25.4m for the six months ended 30 September.
The firm’s portfolio valuation also increased – by 7.8% to £574.1m – which drove a 4.4% increase in its basic net asset value per share to £1.44.
However, rental income was down 4.4% to £15.1m, while revenue remained broadly flat at £21.1m, nudging up slightly from £21m last year, and £15.1m.
Stenprop said it has cash and cash equivalents of £51.1m and its LTV stood at 36.6%.
The firm added that it remained on track to convert its portfolio to be weighted 75% towards multilet industrial by the end of its financial year.
Stenprop reported that the sector had “displayed its strength over the last six months” and it had seen “a material increase in demand”.
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