VAT Impact offset by underlying growth.
“We have delivered a good performance with occupancy growth across the wholly owned portfolio in line with the same period last year.”

Highlights.

  • Revenue performance in line with guidance following introduction of VAT on 1 October 2012
  • Net rent per sq ft increased by 2.9% from 1 April 2013
  • Adjusted profit before tax up 2% to £14.2 million
  • 60% increase in interim dividend, in line with new dividend policy to distribute 80% of full year adjusted earnings per share
  • Reduction of Group net debt by £1.8 million to £228.6 million
  • Prominent 70,000 sq ft MLA Gypsy Corner store on A40 in West London is under construction and expected to open 1 April 2014 on time and on budget
  • Seasonal loss of occupancy in seven weeks since period end significantly down on last year at 32,000 sq ft (2012: loss of 91,000 sq ft)
  • Revenue in October 2013 up 5.1% from October 2012

Occupancy growth of 232,000 sq ft
(2012: 243,000 sq ft)

232,000 square foot.

Wholly owned store occupancy of 70.5%
(2012: 67.3%)

70.5%.

Adjusted profit before tax up 2% to
£14.2 million (2012: £13.9 million)

£14.2 million.

Interim dividend of 8 pence per share an increase of 60% (2012: 5 pence per share)

8 pence.