StockMarketWire.com - London and southeastern England property investor McKay Securities swung to a first-half loss, owing to negative asset revaluations, though it held its dividend steady amid higher rental income.

Pre-tax losses for the six months through September amounted to £15.0 million, compared to a profit of £11.2 million year-on-year.

Gross rental income rose 1.1% to £12.75 million and adjusted pre-tax profit rose 3.7% to £5.27 million.

McKay Securities kept its interim dividend at 2.8p per share.

Chief executive Simon Perkins said the recent sale of the company's largest asset, 30 Lombard Street, EC3 for a headline price of £76.50 million had transformed its balance sheet.

He added that the letting of 135 Theale Logistics Park, its largest development, to Amazon, and acquisition of Willoughby Logistics Park, Bracknell would both contribute to net rental income.

'The relationships that we have built up with our occupiers through our direct in-house portfolio management approach have continued to be of great benefit,' Perkins said.

'All our multi-let properties have remained open for business, and 96.0% of rent due for the year to date has so far either been received or agreed.'

'Many businesses were planning a return to the office in September, prior to the government reverting to a home working policy.'

'Once this policy is lifted, we see a return to the office gathering momentum.'

'There will be changes in working practices, and our portfolio is ideally placed to benefit from a shift towards both decentralisation from central London and local working.'

'In the meantime, the outlook remains dominated by the speed at which the Covid-19 pandemic passes and the impact it has on the economy.'

'With the achievements of the last six months, and our consistent focus on the UK's strongest regions and sectors, we are in a strong position to navigate this period of uncertainty, and in due course capitalise on future opportunities.'


At 9:36am: [LON:MCKS] McKay Securities PLC share price was 0p at 213p



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