StockMarketWire.com - London and South East England focused property investor McKay Securities posted a 2.1% fall in first-half profit, owing a smaller gains on the revaluation of investment properties and higher finance costs.

Pre-tax profit for the six months through September amounted to £11.2m, compared to a profit of £11.4m on-year.

Gross rental income rose 21% to £12.6m, benefitting from lettings secured on recent development projects.

The company's EPRA net asset value per share, a measure of underlying performance, rose NAV 2.1% to 333p.

McKay Securities held its interim dividend steady at 2.8p per share.

'Our consistent focus on our core office, industrial and logistics sectors across London and the South East, combined with successful development projects and the intensive in-house management of our portfolio, can be credited for the delivery of another positive set of results, with gains achieved across our key metrics,' chief executive Simon Perkins said.

'We remain wary of the political uncertainty affecting our operating environment and hope that some clarity will provide the basis for a more positive economic outlook.'

'In the meantime, our focus on the strongest regions and sectors of the UK and their prospects to enhance our portfolio growth once confidence improves, provides us with an encouraging platform for the future.'





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