- LondonMetric said Wednesday first-half profits were roughly flat compared with a year earlier even as a rise in net rental income boosted earnings growth.

For the six months ended 30 September, pre-tax profits fell to £79.3m from £79.6m a year earlier, while net rental income was up 5.8% to £47.1m boosting earnings -- stated as EPRA net asset value per share – to 172.1p a share, up 6.6% from a year earlier.

The portfolio delivered a total property return of 5.4%, significantly outperforming the IPD All Property return of 3.3%, the company said.

The company's property portfolio was also bolstered by a revaluation gain surplus of £51.0m, reflecting a 2.7% uplift, with urban logistics increasing by 4.5%, LondonMetric added.

The dividend was increased by 2.7% to 3.8p a share.

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