Financial Review 2020
| 2020 | 2019 | 2018 |
| Profit after tax | £22.5m | £31m | £64m |
| Dividend cover | 105% | 122% | 122% |
| Net assets | £509m | £499m | £487m |
| Earnings per share | 4.1p | 5.7p | 11.9p |
| Total Shareholder Return | 3.6% | 10.1% | 4.8% |
| Property valuation | £665m | £685m | £684m |
Operational Highlights
- Profit after tax of £22.5 million
- Net assets of £509 million, or 93p per share
- Total return of 4.5%
- Earnings per share of 4.1p
- Dividend cover of 105%
Strengthened balance sheet
- 14% reduction in total debt outstanding to £167.5 million
- Loan to value ratio reduced to 22%
- Raised £7 million of non-dilutive equity
- New £50 million revolving credit facility completed post year end
- Further tax savings as result of REIT regime
Outperforming property portfolio
- Total property return of 5.3%, outperforming MSCI UK Quarterly Property Index of -0.5%
- Portfolio top quartile outperformance against MSCI over one, three, five and ten years
- Like-for-like valuation increase of 1.4%
- Like-for-like rental income increase of 1.2%
- Like-for-like estimated rental value increase of 1.3%
- Occupancy at 89%
- 104 asset management transactions completed including:
- 20 rent reviews – 10% ahead of ERV
- 31 lease renewals or regears – 12% ahead of ERV
- 35 lettings or agreements to lease – 2% ahead of ERV
- Two asset disposals for £34.1 million, 15% ahead of March 2019 valuations
- £9 million invested into refurbishment projects
Responsible stewardship
- Embedded sustainability into corporate strategy, completing materiality assessment review
- Improved portfolio EPC ratings
- Incorporated energy efficiency measures into building refurbishments
- Further developed occupier and employee engagement programmes
