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Palace Capital revives dividend as earnings improve

By BFN News | 09:01 AM | Tuesday 07 July, 2020


Property investor Palace Capital revived dividend payments even as it reported a full-year loss driven by negative property revaluations. Pre-tax losses for the year through March amounted to £9.1m, compared to a profit of £6.4m on-year. EPRA earnings, an underlying measure preferred by the company, increased to £10.8m, up from £7.6m, which it said reflected the underlying strength of its investment portfolio. Palace Capital declared a final dividend of 2.50 per share, following its decision to cancel its third-quarter dividend to preserve cash. The company said 93% of March quarter and 84% of June quarter rents, respectively, had been collected to date. It added that all of its debt covenants were expected to be compliant in July. 'We have now exchanged contracts on 32 apartments at Hudson Quarter York, with a further five under offer,' chief executive Neil Sinclair said. 'Covid-19 has slightly slowed our progress, pushing out practical completion by approximately two months, however activity is picking up again at the marketing suite and online interest is encouraging.' 'We remain positive about our ability to grow income and ultimately pay a sustainable level of dividends to our shareholders, despite the current political and economic uncertainty.' At 9:01am: (LON:PCA) Palace Capital PLC share price was +3.5p at 176.75p Story provided by StockMarketWire.com

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