StockMarketWire.com - Real Estate Investors' FY pretax profit has slipped to £8.2m, from a profit of £12.2m a year earlier.

The comparative period's profit was swollen by a £8.6m gain in teh fair value of investment properties, versus £3.2m in the just-finished leg.

CEO Paul Bassi billed the results as a year of excellent progress, despite an uncertain economic and political backdrop.

The company had secured record property ownership, revenue and contracted rental income, with its underlying profits rising 271% to £5.2m, and set to grow further as it started to see the full contribution from the acquisitions made in the prior year.

"Our like for like portfolio valuation was up 3.9% over the year, reflecting the active asset management that we have undertaken," said Bassi.

"With the benefit of our clear pathway to future growth in rental income, we also anticipate further growth in our dividend payments."

Bassi further added that London and the South East had enjoyed more than 50 years of exceptional economic prosperity, but "we are now seeing a political, social and economic re-balancing within the UK."

He added that the regions, in particular Birmingham and the West Midlands, looked set to enter a new golden era, propelled in part by the arrival of major projects such as HSBC's HQ move and HS2, but also by the continued commercial growth in the area.

Returning to the results, revenue had firmed to £13.4m, from £8.4m. Total dividend was 2.625p a share, up 31.3%. Gross property assets totalled £201.9m, from 157.5m. EPRA net asset value per share was 66.2p, from 64.5p.




At 9:54am: [LON:RLE] Real Estate Investors PLC share price was +1p at 60p



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