- McKay Securities has posted a FY pretax profit of GBP53.2m, from a profit of GBP33.3m. Final dividend was hiked to 6.1p a share, from 6p, taking the total to 8.8p, from 8.7p.

Net rental income from investment properties was GBP17.7m, from GBP14.9m. EPRA NAV per share rose 11.5% to 301p, from 270p.

Chairman David Thomas said:

"This has been a year of major progress for the Group towards our objective of being able to deliver attractive and sustainable returns to shareholders over the long term, as a result of expanding the business and focusing entirely on the office and industrial markets of London and the South East.

"Our major investment in property acquisitions, refurbishments and development projects over the last few years increased our scale to coincide with a time of growth in rental and capital values across our markets.

"By positioning our investment assets to take best advantage of these positive market trends, we have generated significant growth in value and earnings this year from an improved and more resilient portfolio.

"In addition, progress with the development programme has enhanced the prospects of the release of further gains over the years ahead. Both of these initiatives improve the chances of crystallising the full rental potential of the portfolio."

At 9:21am: [LON:MCKS] McKay Securities PLC share price was -5.12p at 226.88p

Story provided by