Half Yearly Report

RNS Number : 2709H

Ground Rents Income Fund PLC

16 May 2014

 

GROUND RENTS INCOME FUND PLC (THE "COMPANY")

HALF-YEAR RESULTS

The Directors of the Company announce the half-year results for the six months ended 31 March 2014.

Highlights for the six months:

·     Portfolio value increased 38.9% since 30 September 2013 to £61.1 million

·     NAV per ordinary share of 101.8 pence (30 September 2013: 97.5 pence)

·     NAV per preference share of 94.2 pence (30 September 2013: 97.6 pence)

·     Net assets of £48.9 million (30 September 2013: £48.0 million)

·     Profit before tax of £1.85 million (23 April 2012 - 31 March 2013: loss of £1.14 million)

·     Diluted earnings per share of 2.31 pence (23 April 2012 - 31 March 2013: loss of 1.98 pence)

·     Interim ordinary dividends and preference share dividends relating to the half year totalling 2.098 pence and 1 pence per share respectively have been declared and paid in the period to 31 March 2014

·     Since the period end, further interim ordinary dividends and preference share dividends of 0.6 pence and 0.3 pence respectively have been declared covering the period up to 24 May

·     Of £84.8 million (net) of equity raised, £59.8 million has been invested in ground rents (30 Sept 2013: £43.7 million)

·     An additional £2.4 million was committed to investments for which contracts have been exchanged at 31 March 2014

·     Preparation for conversion of preference shares into ordinary shares under way, the calculations for which will be done as at 24 May 2014

Chairman Malcolm Naish said:

"We continue to focus on full investment in the sector in a timely, yet controlled manner, but are conscious of the prevailing market conditions, where asset values are rising and, conversely, yields are falling".

A copy of the Half-Yearly Consolidated Financial Report can be accessed in the link below:

http://www.rns-pdf.londonstockexchange.com/rns/2709H_-2014-5-15.pdf

FOR FURTHER INFORMATION CONTACT:

Simon Wombwell (Director)	[phone]
N+1 Singer (Broker)	[phone]
James Maxwell / Gillian Martin Tavistock Communications (Media) James Whitmore	[phone]
Appleby Securities (Channel Islands) Limited (Sponsor)	[phone]
Kate Storey

END OF ANNOUNCEMENT

 

END

 

 

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