StockMarketWire.com - CLS Holdings reported EPRA net assets per share rose by 16.5% to 286p in the year to the end of December from 245.6p in the previous year, driven by EPRA earnings per share growth and profit on sale of properties.

The group said it sold its large development site in Vauxhall £144.1m, and made substantial acquisitions in Germany.

'For CLS, 2017 was a transformational year, which saw the group realise the value that had been built up in Vauxhall Square, whilst making significant acquisitions in Germany, and introducing dividends as a means of distributing cash to shareholders,' said Henry Klotz, Executive Chairman.

EPRA earnings per share rose by 4.1% to 12.8p from 12.3p, while basic NAV per share increased by 17.2% to 252p from 215.1p.

Net rental income rose by 5.6% for the year to £113.1m from 107.1m.

Profit after tax was £157.7m, up 61% from £97.8m.

A final dividend of 4.30p per share was declared, taking total dividend for the year to 6.35p.

The company said that while Brexit-related uncertainties is expected to weigh on occupier demand and investors' decisions in the UK, the strong performance of the German economy, presents attractive investment opportunities. While in France, market sentiment has improved.

'I remain convinced that it is a strength for our portfolio to be spread across the largest cities in the UK, Germany and France as, fundamentally, the demand for office space is driven by a solid economy and the location of the asset. Further expansion in Germany remains one of our priorities and I expect that the Group's portfolio here will continue to grow,' said Henry Klotz, Executive Chairman.

'With our proven and successful business model, robust balance sheet and significant liquid resources, we are well positioned to enhance our business by investing in the right properties in our core markets, whilst continuing to maximise value-adding opportunities in our existing portfolio.'


At 8:34am: [LON:CLI] CLS Holdings PLC share price was +1.25p at 242.75p



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