Performance summary
· Financial performance reflects the impact of Covid-19
· Underlying profit reduced 34.3% primarily reflecting an increase in provisions for rent receivables
· 83% of FY21 rent collected. 99% Offices; 71% Retail
· Portfolio value down 10.8%; Offices down 3.8%, with moderate decline of 0.8% in the second half; Retail down 24.7% with the rate of decline slowing in Retail Parks; Developments broadly flat
· EPRA Net Tangible Assets (NTA) reduced 16.3% to 648p
· Strong and flexible balance sheet
· £556m retail assets sold since April 2020, 7.0% ahead of book value
· £643m of standalone offices sold, 5.2% ahead of book value
· £1.8bn undrawn facilities and cash with no requirement to refinance until early 2025
· LTV down 200bps at 32%; 46% headroom to Group debt covenants
· FY21 dividend of 15.04p per share, representing 80% of underlying EPS, in line with our new policy
· Fitch Ratings affirmed unsecured credit rating at 'A'
And later;
Outlook & dividend
In October, we announced a new dividend policy, setting the dividend at 80% of Underlying EPS. This policy ensures dividends reflect the impact of development completions, acquisitions, disposals and trading conditions as they change over time and maximises future strategic and financial flexibility. We are pleased to announce a full year dividend of 15.04p with the payment of our final dividend in August 2021.
In October we announced the intention to resume paying dividends semi-annually, calculated at 80% of Underlying EPS based on the most recently completed six-month period. Applying this policy, the Board are proposing a final dividend for the year ended 31 March 2021 of 6.64p per share. Payment will be made on Friday 6 August 2021 to shareholders on the register at close of business on Friday 25 June 2021. The dividend will be a Property Income Distribution and no SCRIP alternative will be offered.
https://www.investegate.co.uk/british-l ... 00067998Z/