Warner Estate Holdings PLC, the property investment, development and fund management group, has announced its interim results for the six months to 30 September 2006.
Financial Highlights
- Adjusted net asset value per share up 8% to 803p1
- Net asset value per share up 9% to 722p
- Triple net asset value per share up 8% to 724p2
- Profit before tax up £6.7million to £42.5million
- Recurring earnings per share 9.4p (September 2005: 9.5p)3
- Earnings per share 73.3p (September 2005: 52.3p)
- Interim dividend up 5% to 10.0p
- Total annualised return 19.9% (September 2005: 21.6%)4
Business Highlights
- Property owned and under management up 13.5% to £2.8billion
- Commercial rent roll under management £164m
- Establishment of a Greater London Offices Fund
- Radial Distribution Fund approaches £300m
- Ashtenne Industrial Fund exceeds £1billion
- NWDA select the Ashtenne Industrial Fund as partner
- Goal of attaining FTSE 250 achieved
- Conversion to REIT likely
Philip Warner, Chairman of Warner Estate, commented:
"We have delivered another encouraging performance. Our asset management business continues to expand and we now own or manage £2.8 billion of property. We are pleased with progress of the 1.5 million ft² development pipeline, which will add significant value to properties under management, whether in funds, joint ventures or wholly owned."
"We are delighted that the growth of the Company has brought admission to the FTSE 250."
"We are well positioned for the future we continue to attract investors to our funds and the introduction of REITs should enhance our track record of dividend growth."
1 Adjusted for deferred tax on revaluation gains and other items per Table 10
2 Adjusted as in 1 and for potential deferred tax and fair value of debt per Table 10
3 Adjusted for net fair value gains on investment properties and other items per Table 5
4 Adjusted for deferred tax on revaluation gains, fair value of debt and other items per table 4
Source: Warner Estate
