Financial Highlights
· Adjusted profit before tax up 11.8% to £4.42 million (30 September 2015: £3.96 million)
· Gross rental income up 2.4% to £10.42 million (30 September 2015: £10.17 million)
· EPS (EPRA) up 10.3% to 4.3 pence per share (30 September 2015: 3.9 pence per share)
· IFRS loss before tax of £3.78 million (30 September 2015: £34.59 million profit)
· NAV (EPRA) 295 pence per share, down 2.0% (31 March 2016: 301 pence per share)
· Loan to Value ratio of 31.4% (31 March 2016: 28.9%)
· Interim dividend of 2.7 pence per share (2015: 2.7 pence per share)
Portfolio Highlights
· Overall increase in property portfolio value of 3.2% (£12.71 million) to £413.88 million
· 0.7% (£3.07 million) property valuation deficit
· 2.4% (£0.77 million pa) increase in ERV to £32.21 million
· Initial portfolio yield of 5.1%, with reversionary potential of £9.77 million pa, taking the portfolio yield to 7.3%
· Redevelopment schemes in Reading and Redhill completed and being marketed
· Redevelopment of 30 Lombard Street, EC3 on schedule for completion in Q1 2018
Simon Perkins, Chief Executive Officer of McKay, said:
“Delivery of our growth strategy remains on programme, with encouraging progress over the periodcrystallising and consolidating the significant income potential within our existing portfolio. With our proactive portfolio management, contracted rental income has increased by 6.4% to £22.45 million pa and the full potential rental value of the portfolio has increased by 2.4% to £32.76 million pa.