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Segro profit more than doubles on rental growth, property re-valuations

Property investor and developer Segro more than doubled its annual profit after it boosted rental income and occupancy rates remained high.

Pre-tax profit of £976.3m compared to a profit of £426.4m a year earlier. Adjusted pre-tax profit, which strips out investment and development property re-valuations and gains or losses on disposals, rose by 25.7% to £194.2m.

The company declared a final dividend of 11.35p, up 6.1%.

'Occupier demand in early 2018 is strong across all our markets and supply of modern warehouse space remains constrained,' chief executive David Sleath said.

'The prospects for rental growth, particularly in the UK, remain good, and rental values are improving in our Continental Europe urban warehouse portfolio.'

'Investor appetite for prime warehouses remains unsated, attracted by the occupational market fundamentals.' At 8:17am: (LON:SGRO) Segro share price was +23p at 578.2p

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