TR Property Investment's first half revenues rise

27th Nov 2013 08:03

- Revenue earnings rise as property market improves- Net asset value up 4.8 per cent- Dividend raised 7.5 per centTR Property Investment reported a rise in revenues for the first half, driven by the strong performance and property stocks.Revenue earnings in the six months through September came to 5.98p per share, a 7.9% increase from 5.54p per share last year. Total revenue income jumped 1.6% to £23.8m while net revenue profit after tax increased 9.8% to £18.9m. Net asset value was up 4.8% to 225.68p per ordinary share, as the property market picked up on the back of government initiatives such as Help to Buy.A change in the basis of the allocation of management fees and finance costs between the income and capital accounts also boosted results.The company recommended an interim dividend of 2.85p per share, up 7.5% from last year.Chairman Caroline Burton said the outlook for investment in pan-European property appears positive as signs of a return to growth re-appear in many economies. However, she warned that "many of the structural issues surrounding further European financial integration remain unresolved and high unemployment, especially among the young, remains a blight"."Your manager will remain focused on owning businesses which are positioned to benefit where recovery appears sustainable."RD