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Segro H1 earnings boosted by strong UK rent reviews
(Sharecast News) - Property developer Segro reported a solid set of H1 results on Thursday, with earnings getting a boost from strong UK rent reviews. Segro said adjusted pre-tax profits were up 11% to £252m and earnings per share had risen 6.5% to 18.1p, supported by a 7.8% uplift in like-for-like net rental income.
UK rent reviews delivered a 55% uplift and Segro said it had signed £31m of new headline rent during the period. Completions added £19m of potential rent at a 7.7% yield, with 92% already leased.
Adjusted net asset value per share edged up to 910p, marking the first increase since mid-2022, while Segro's portfolio valuation rose 0.5% to £18.5bn, with rental values up 1.0%.
Looking ahead, Segro noted that its development pipeline remained active, with £50m of potential rent under construction or in advanced negotiations.
The FTSE 100-listed group also declared an interim dividend of 9.7p, up 6.6% year-on-year.
CEO David Sleath said: "Our modern, sustainable portfolio, located in Europe's most attractive and supply-constrained markets, has continued to perform well through the first half of the year, driven by leasing, asset management and the capture of reversion.
"Segro has consistently delivered attractive and compounding increases in both earnings and dividends through the cycle. We are confident in our ability to continue to do this due to the embedded growth potential of our existing portfolio, combined with the potential rent from building out our development pipeline."
Reporting by Iain Gilbert at Sharecast.com
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