Redefine International, the diversified income focused property company which is listed on the London Stock Exchange (LSE) and Johannesburg Stock Exchange (JSE), has reported an increase in earnings of 18 per cent the year ended 31 August 2013.
Earnings available for distribution totalled GBP30.1m, up from the 31 August 2012 figure of GBP25.5m.
Basic earnings per share are 6.66 pence (restated 31 August 2012: 24.16 pence loss), a return to profit, while adjusted NAV per share is 38.66 pence (31 August 2012: 36.41 pence, restated), an increase of 6.2 per cent.
Successful capital raisings ding the year totalled GBP144.3m.
Redefine has announced a second interim dividend of 1.635 pence per share (31 August 2012: 2.30 pence), a decrease of 28.9 per cent reflecting an additional 388.5 million shares in issue at 31 August 2013.
Total declared dividends for the year totalled 3.11 pence per share (31 August 2012: 4.40 pence), a decrease of 29.3 per cent.
The pro-forma group LTV ratio reduced to 56.8 per cent (31 August 2012: 81.7 per cent), while total shareholder return for the year is 58.9 per cent.
Greg Clarke, chairman, says: “I am pleased to report another active and constructive period for the company in which it achieved not only a strong set of results but also its long awaited goal of simplifying the shareholding structure to provide a single company with a dual listing on the LSE and JSE. The next key steps in terms of the company’s proposed conversion to a UK-REIT and internalisation of management are well advanced and further announcements to be made in due course.
“Further positive progress was made in restructuring the balance sheet post year end through an acquisition and debt restructuring with Aviva. The positive changes have reduced the leverage in the UK retail portfolio and the long-term fixed-rate financing is expected to be beneficial. The reduction in servicing the group’s indebtedness has meant that the company has increased its earnings available for distribution from its rationalised and higher quality investment portfolio.
“The economic outlook for the year ahead is increasingly positive and we firmly believe that, with an internalised management and industry benchmarked REIT structure, the company is well positioned to deliver strong returns to shareholders.”