Rugby Estates Plc, the property and asset management group, today announces results for the six months ended 31 July 2005.
Highlights:
* 'Triple net' assets per share up 8% at 388p (31 January 2005: 359p; 31 July 2004: 329p)
* Pre-tax profits of £0.4m (31 July 2004: £3.0m), reflecting decision not to
make any disposals during the period
* Interim dividend per share increased by 45% to 1.72p (2004: 1.184p)
* Value of total portfolio grew by 28% during the six months under review to
£58.4m (31 January 2005: £45.6m; 31 July 2004: £38.3m)
* Group's wholly-owned portfolio recorded a total return of 27.5%
(annualised)
* Substantial scope to increase portfolio through new borrowings; net debt
at period-end of £6.5m
* £10m of acquisitions and £6m of disposals for the Group's wholly-owned
portfolio since the period-end
* £40m acquisition of Ponders End Industrial Estate, Enfield, for London
Industrial Partnership after the period-end
* Group's shares re-listed on AIM during the six months under review.
David Tye, Chairman, commented:
'Rugby Estates has a focused, highly experienced professional team and substantial financial firepower. Building on our working relationships with owner-occupiers and business partners, we seek to apply our skills in sourcing innovative acquisitions of both income-producing assets and development situations.
'We have considerable scope to increase the portfolio further through utilisation of existing and new borrowing facilities and through co-investment. Acquisitions will be made where we can apply our asset management skills to manufacture value. We will continue to take advantage of strong market conditions to dispose of properties where we have achieved our objectives.'
'Rugby's management team has a proven track record in sourcing profitable opportunities across all property sectors throughout the UK. This we will continue to do.'
Source: Rugby Estates
