- McKay Securities has posted a FY adjusted pretax profit up 8.3% to £8.6m, from £7.9m, with its total dividend up 2.3% to 9p a share, from 8.8p.

EPRA NAV per share improved 0.7% to 303p, from 301p.

CEO Simon Perkins said McKay's refurbishment programme and proactive asset management activities had continued to release the substantial portfolio potential that the company had built up.

Rental and capital growth were out-performing the market, while two of McKay's three development projects reached completion during the period and its third scheme remained on track for delivery next year.

"With both rental income and the portfolio value at a historic high for the Group, we're pleased to be in a position to deliver increases in shareholders' funds, profits and dividends at this Full Year," he added.

"The increase in adjusted profit before tax, our measure of recurring earnings, enabled us to achieve our ambitious target of a covered dividend within three years of doubling the share capital in 2014.

"Looking forward, we will continue pursuing our strategy of building a resilient portfolio in our core markets and crystallising the portfolio reversion to deliver attractive returns for our investors over the long term."

At 9:30am: [LON:MCKS] McKay Securities PLC share price was -2.37p at 227.63p

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