Redefine International remains steady in first half

Income-focussed real estate investment trust Redefine International posted its results for the six months to 28 February on Wednesday, with EPRA earnings of £23.8m, up marginally from the £23.1m reported at the same time a year ago.

The FTSE 250 firm said re-based underlying earnings were £24.3m, up from £21.5m year-on-year, with underlying earnings per share falling to 1.35p from 1.4p.

It declared an interim dividend per share of 1.3p, falling from 1.625p.

On the balance sheet, Redefine posted a portfolio valuation of £1.46bn, down from £1.52bn, with a loan-to-value ratio of 49.4% compared to 52.5% at the same time last year.

Its EPRA net asset value per share was 40.4p, in line with the 40.3p posted a year ago.

“Against an uncertain backdrop, Redefine International has delivered a solid performance underpinned by a strategy which is expected to deliver a much stronger company, portfolio and capital structure for the benefit of shareholders over the long-term,” said chairman Greg Clarke.

“Following a number of transactions, the portfolio is now well on the way to being successfully repositioned for future income growth, meaning we can look to the future with renewed confidence.”