Urban Logistics H1 IFRS profits tumble

11th Nov 2022 07:15

(Sharecast News) - Real estate investment trust Urban Logistics said on Friday that IFRS profits had tumbled in the six months ended 30 September despite reporting a surge in net rental income.

Urban Logistics said IFRS profits had crashed from £50.3m to just £2.4m, even as net rental income rose 59.3% to £25.4m and its high gross-to-net rental income ratio held steady at 96.4%.

EPRA net tangible assets slipped 3% to 183.1p, while IFRS net assets rose from £534.0m to £871.0m.

Adjusted earnings per share slipped from 3.46p to 3.38p, while dividends per share were unchanged at 3.25p.

Looking forward, Urban Logistics said the occupational market remained "very strong", with low national vacancies of 3%, driven by underlying supply/demand imbalance resulting in "strong" rental growth.

Significant asset management opportunities were also said to be present within its portfolio, providing the group with "substantial" near-term value drivers.

As of 0840 GMT, Urban Logistics shares were up 1.67% at 152.50p.

Reporting by Iain Gilbert at Sharecast.com