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U and I downgraded guidance blaming political, economic uncertainty

By BFN News | 09:23 AM | Wednesday 22 May, 2019

Regeneration specialist U and I Group said its development and trading gains fell 37% in the March quarter and downgraded its guidance, owing to prolonged political and economic uncertainty. Gains for the three months through March fell to £42.8m, down from £68.3m on-year. The company cut its development and trading target for the 2020 financial year to £35m-to-£45m, down from £45m-to-£55m. Total dividends for the 2019 financial year were seen at 10.p per share, down from 17.9p in the 2018 financial year. The company said it had secured £27.4m of acquisitions and £7.5m of disposals during the March quarter. Its investment portfolio total return was negative 1%, down from a gain of 10.1% on-year, which it said reflected a significant decline in values in the retail sector. U and I said it would initiate a £2.5m reduction in annualised net recurring overheads in the 2019 financial year. At 9:23am: (LON:UAI) U and I Group Plc share price was -4.8p at 167.2p Story provided by

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