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Real Estate Investors underlying profit rises on higher rental income

By BFN News | 07:29 AM | Monday 16 September, 2019


Midlands commercial property investor Real Estate Investors booked a 68% fall in first-half profit, owing to non-cash items including property revaluations. Its underlying profit, however, rose on the back of higher rental income. Pre-tax profit for the six months through June fell to £1.7m, down from £5.3m on-year. Underlying profit rose 18% to £4.0m, as contracted rental income rose 7.6% t £17.0m. The company declared an interim dividend of 1.875p per share, up 7.1% on-year. 'Our portfolio remains robust with inherent potential growth embedded within the portfolio for permitted development opportunities,' chief executive Paul Bassi said. 'The midlands has begun the process of preparation for the 2022 Commonwealth Games and the Coventry City of Culture in 2021 and REI is well placed to benefit from the increased activity and opportunities that such major initiatives and events bring to an already vibrant region.' 'The appeal of Birmingham continues to increase with a recent study showing that for people leaving London, Birmingham is the most popular city to move to.' 'These trends are fuelling the region's ongoing growth and we are confident in REI's future prospects.' Story provided by StockMarketWire.com

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