Brixton first half pre-tax profit up 51.8% (UK)

Brixton plc said its first half pre-tax profit rose by 51.8% and announced a 2.5% hike in interim dividend.

In a statement, chief executive Tim Wheeler said: 'Looking ahead, we are not expecting better than modest levels of rental growth but we are confident of demonstrating the continued outperformance of our portfolio.'

He said the company is sounding a 'a note of caution concerning the ability for asset value growth to continue at the pace seen during the last 12 months.'

In the first half to June, adjusted NAV per share rose by 10.7 pct to 352 pence from 318 pence the previous year.

Net rental income rose by 6.7 pct to 46.2 mln stg while investment profit grew by 5.2 pct to 22.3 mln stg.

Pretax profit surged to 33.1 mln stg while EPS was 11.1 pence, up 68.2 pct. The company is declaring an interim dividend of 4.05 pence.
Source: Freeman

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