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INTERIM RESULTS 2019 HUB

Interim results for the half year ending 30th September 2019

Interim Results Review

Paul Arenson (CEO) and Julian Carey (Executive Property Director) discuss highlights from the Interim Results 2019.

Interim Results Webinar

Watch and listen to our Executive Team present the Interim Results 2019. The briefing is chaired by Non-Executive Chairman, Richard Grant.

Download Key Information

 

OPERATIONAL HIGHLIGHTS

  • Like-for-like growth in the total portfolio valuation was 3.5% for the six-month period, of which the MLI portfolio was 2.5%.
  • Completed 90 new lettings/lease renewals in the MLI portfolio for an average 4.36 years at an average rent which was 19.7% above the passing rent previously payable on those units.
  • 52% of net rental income was derived from the MLI portfolio compared to 32% in the same period last year.
  • Eight MLI estates acquired for an aggregate purchase price of £23.9 million.
  • Strategic decision taken to accelerate the sale of German assets to capitalise on strong valuations and an active German investment market.
  • Steady progress on developing our MLI operating platform.

 

 

FINANCIAL HIGHLIGHTS

  • Declaration of an interim dividend on 21 November 2019 of 3.375 pence per share for the six months ended 30 September 2019 (2018: 3.375 pence), covered by earnings and payable on 14 February 2020. A scrip alternative will be offered, which the directors intend to match through the buyback of shares in the market.
  • Diluted IFRS net asset value per share was £1.39 (31 March 2019: £1.36). Diluted EPRA net asset value per share of £1.44 (31 March 2019: £1.41).
  • Diluted IFRS EPS was 4.59 pence (2018: 4.63 pence). Diluted adjusted EPRA EPS of 3.41 pence (2018: 5.28 pence) for the period ended 30 September 2019. The variance in EPRA EPS was driven by a £5.0 million reduction in net management fee income as the Group has exited its management activities. The property-related diluted adjusted EPRA EPS was 3.25 pence (2018: 3.40 pence).

 

Find below seven videos from the Executive and Senior Teams exploring key areas from the results


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    The changing nature of Stenprop’s investor base

    Paul Arenson
    CEO

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    Operating platform overview and progress to date

    Julian Carey
    Executive Property Director

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    MLI asset management performance and transaction management

    Simon Ross
    Head of Asset Management

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    The investment market and our requirements

    Will Lutton
    Head of Investment

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    Financial results and our NAV strategy

    James Beaumont
    CFO

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    Debt finance strategy as we transition to MLI

    James Wakelin
    Head of Portfolio Management

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    ESG and our green credentials

    Sarah Bellilchi
    General Counsel & Company Secretary