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Segro's FY pretax profit slips as revenue rises

Segro's FY pretax profit has slipped to £426.4m, from £686.5m, in what it described as a strong set of results.

EPRA net-asset value per share was up 8% to 500p. The company hiked its final dividend to 11.2p a share, from 10.6p, taking the total to 16.4p, from 15.6p.

Revenue was £283.5m, £248.5m. The result benefitted from a £246m property gain, versus £461.5m a year earlier.

CEO David Sleath penned the results as a strong set.

"We have had a record year for development completions, delivering 422,000 square meters of new warehouse space, of which 80% is now let," he noted.

"We have a high quality pipeline of developments under construction and more under discussion, reflecting the continuing strength of occupier demand for, and short supply of, well located, modern urban and big box warehouses."

Sleath further said the business was well positioned, notwithstanding the current degree of political and economic uncertainty.

"We have had an active start to 2017 and we continue to see opportunities to grow our business through further disciplined investment, matched by a prudent approach to financing."

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