Hansteen has reported an increase in IFRS profit before tax of 41 per cent to GBP23.7m compared to GBP16.8m in the first half of 2011.

Normalised income profit increased by 21 per cent to GBP14.7m (H1 2011: GBP12.1m).

Normalised income profit per share was 2.3p based on 639 million shares (H1 2011: 2.4p based on 512 million shares), while normalised total profit was GBP17.1m including a GBP1.1m insurance receipt (H1 2011: GBP18m including GBP5.3m insurance receipt).

Hansteen’s property valuations increased in both Europe and the UK with an overall valuation increase of 0.8 per cent. Annualised rent roll excluding HPUT was GBP65.7m; including HPUT it was GBP79.7m, while like-for-like occupancy (including HPUT) increased by 1,124 sq m.

Hansteen completed 14 sales across the group (including HPUT) with a total value of GBP28.1m, at a blended yield of four per cent and a combined profit above book cost of GBP1.4m. The company also purchased six properties in Germany for EUR26m at an initial yield of 13.8 per cent.

James Hambro, chairman, says: “In the continuing difficult economic environment across Europe, Hansteen’s results for the first six months of 2012 were good. Profit and dividends have both increased despite adverse currency movement and, on a like-for-like basis, occupancy, values and rent have all improved.
 
“Industrial properties are simple, flexible and economical; characteristics which guarantee that, as long as there is economic activity, there will be a need for this type of property. Our portfolio is substantial, diverse, both geographically and occupationally, affordable for tenants and profitable. We now have management teams in each core region which are clearly focussed on extracting value from the properties they manage.
 
“We have further cash resources and are seeing increasing opportunities in all of our core markets. Identifying and acquiring the truly outstanding opportunities is a difficult and frustrating task; however, we have recently concluded purchases on excellent terms and have a pipeline of further such opportunities, some of which are likely to be converted over the next six months.”