Segro narrows loss but remains cautious

25th Feb 2010 07:45

Industrial property group Segro narrowed full-year losses but said it remains cautious about occupier markets, particularly in the UK.The group reported a loss for the year ended 31 December of £234.1m compared with a £938.1m loss last time.Net Rental Income was up 10% to £269.4m, while adjusted pre-tax profit (recurring rental profits) rose 16.8% to £104.3m, reflecting inclusion of Brixton results for the last four months of the year.The full-year dividend is up at 14.0 pence from 13.7 pence last year.'Whilst UK commercial property prices have surprised on the upside in the last quarter of the year and the situation in Continental Europe appears to be stabilising, we remain cautious about occupier markets, particularly in the UK where we expect the wider economy to lag much of the Continent for the coming year at least,' said chief executive Ian Coull.'Nonetheless, the group is in a strong position and is well placed to benefit from any recovery. Our focus remains on staying close to our customers to minimise take-backs, leasing vacant space, financial and risk management and continuing to seek further opportunities to capitalise on the present market conditions,' he added.