StockMarketWire.com - Office and commercial property group CLS reported a 22% fall in first-half profit, citing higher vacancy rates during the pandemic and FX headwinds.

Pre-tax profit for the six months through June dropped to £24.7 million, down from £31.5 million year-on-year.

EPRA net asset value per share fell 1.9% to 343.4p.

CLS held its interim dividend steady at 2.35p per share.

"Our first half 2021 performance has naturally been shaped by the pandemic with higher vacancy and stable property valuations,' chief executive Fredrik Widlund said.

'This was compounded by a strengthening of sterling which has resulted in lower NTA and earnings.'

'We are hopeful we will see some improvements in the second half of the year as people continue to return to the office and our recent increased level of enquiries translates into letting deals.'

'Our focus remains on delivering our value enhancement opportunities to ensure continued growth over the long-term.'




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