StockMarketWire.com - McKay Securities has more than doubled its H1 pretax profit to GBP34.6m, from GBP13.9m. It described the period as one of substantial progress.

FINANCIAL HIGHLIGHTS:

· Adjusted profit before tax up 33.8% to £3.96 million (30th September 2014: £2.96 million)

· IFRS profit before tax of £34.59 million (30th September 2014: £13.94 million)

· NAV (EPRA) per share up 4.1% to 281 pence (31st March 2015: 270 pence)

· NNNAV (EPRA) per share up 13.0% to 260 pence (31st March 2015: 230 pence)

· Loan to Value ratio of 33.1% (31st March 2015: 25.9%)

· £175 million debt refinancing completed, including £35.00 million reduction in notional value of interest rate swaps

· Interim dividend of 2.7 pence per share (30th September 2014: 2.7 pence per share)

PORTFOLIO HIGHLIGHTS:

· 13.0% increase in overall portfolio value to £398.63 million (31st March 2015: £352.76 million)

· 7.1% (£26.36 million) property valuation surplus

· 7.2% increase in contracted rental income to £21.97 million pa (31st March 2015: £20.50 million pa)

· 5.8% increase in ERV to £31.94 million pa (31st March 2015: £30.19 million pa)

· Portfolio reversionary potential now stands at 45.4%: £9.98 million pa. (31st March 2015: £9.69 million pa)

· Occupancy level increased from 91.2% to 92.7% (excl developments)




Story provided by StockMarketWire.com