StockMarketWire.com - Property investment and development company SERGO has announced an adjusted pre-tax profit of £168 million for the six months ended 30 June, up 19% compared with the prior year.

Strong occupier demand generated £38 million of new headline rent commitments during the period, including £21 million of new pre-let agreements, and a 12% average uplift on rent reviews and renewals. 1.3 million sq m of projects are under construction or in advanced pre-let discussions, equating to £96 million of potential rent, of which 75 per cent has been pre-let, substantially de-risking the 2021-2022 pipeline.

The group also reports £1.2 billion of available liquidity and a low level of gearing reflected in an LTV of 21 per cent at 30 June 2021.

The interim dividend has been increased by 7 per cent to 7.4 pence.

Commenting on the results, David Sleath, chief executive, said: “SEGRO has delivered another strong set of results, which reflect the high quality of our portfolio and increased demand from a diverse range of occupiers and investors.

"Together with our active approach to asset management, rental growth and further progress with our development pipeline, these factors have driven significant valuation increases and earnings growth."




Story provided by StockMarketWire.com