NewRiver Retail Limited (NRR.L) announced the annual results for the 12 month period to 31 March 2013. Profit for the year declined to 1.5 million pounds from prior year's 3.8 million pounds. Earnings per share for the year fell to 2.4 pence from 15.2 pence last year.
EPRA adjusted profit for the year increased by 7% to 5.2 million pounds from last year's 4.9 million pounds.
EPRA adjusted earnings per share of 16.3 pence, down from 18.9 pence last year.
Group revenue increased 20% to 18.0 million pounds from last year's 15.0 million pounds, mainly as a result of a full year of rental income from properties acquired in the prior year.
Property net income for the year rose to 14.4 million pounds from 12.8 million pounds in the prior year. The growth was largely a result of a full year of rental income from acquisitions.
"The company views its future with great optimism. With high acquisition yields in our core market and low borrowing costs, there is significant opportunity to grow the portfolio through the acquisition of good quality assets with defensive income streams both directly and through our joint venture partners. We have no hesitation in stating our objective to grow the portfolio to at least £1 billion of gross assets in the medium term and believe our active asset management risk controlled development skills are well placed to unlock and generate enhanced value and deliver long-term capital and income returns to shareholders as a result," the company said.
The company paid its interim dividend in the year of 6 pence per share and a final dividend of 10 pence per share has been proposed by the Board, resulting in a total dividend for the year of 16 pence per share, compared to 15 pence paid last year. The final dividend will be paid on 25 July 2013 to ordinary shareholders on the register on 28 June 2013 and the ex-dividend date is 26 June 2013.
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