- Care-based housing and healthcare REIT Civitas Social Housing reported a sharp rise in profit as net rental income increased by more than a quarter.

For the year ended 31 March 2020, pre-tax profit rose 89.9% to £37.7m and net rental income increased by 28.4% to £45.9m.

Net asset value per share rose 0.7% to 107.87p a share and the portfolio value was up 6.3% to £878.7m.

The company announced a new target dividend of 5.4p per share for the current year ending 31 March 2021, an increase of 1.9% on-year.

'We look forward to the coming year with confidence. There are challenges, not least from COVID-19, but we believe that the company has a business model that is sufficiently robust and diversified to manage those issues well,' it added.

At 8:34am: [LON:CSH] Civitas Social Housing PLC share price was +1.5p at 109.1p

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