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SEGRO Plc FY18 Pretax Profit Rises; Announces Placing Of Shares - Quick Facts

SEGRO plc (SGRO.L) reported IFRS profit before tax of 1.10 billion pounds for the year ended 31 December 2018 compared to 976.3 million pounds, prior year. Earnings per share was 104.8 pence compared to 97.9 pence. Adjusted profit before tax improved 24.4% to 241.5 million pounds. Adjusted earnings per share was 23.4 pence, up 17.6% from 19.9 pence, prior year. The Group noted that, excluding the (non-recurring) performance fee, adjusted EPS would be 22.2 pence, an increase of 11.6 percent compared to 2017.

Fiscal year revenue improved to 369.0 million pounds from 334.7 million pounds, previous year. Net rental income was 247.6 million pounds compared to 220.7 million pounds, prior year.

The Group's 2018 full year dividend increased by 13.3 percent to 18.8 pence. Final dividend increased by 16.7 percent to 13.25 pence.

Separately, SEGRO plc announced a placing to raise approximately 450 million pounds of gross proceeds through the issue of new ordinary shares of 10 pence per share in the capital of the company. The Group said the proceeds from the proposed placing will be used to fund SEGRO's pipeline of development opportunities. Placing shares will have the right to receive the 2018 final dividend of 13.25 pence, payable on 2 May 2019 to shareholders on the register as at 21 March 2019.

David Sleath, Chief Executive of SEGRO, said: "We are on course to invest over 600 million pounds in further development projects and additional land purchases this year. We believe using new equity alongside our existing debt facilities and the proceeds from normal course portfolio recycling will ensure that we can continue to deliver the attractive returns from development while retaining a strong balance sheet."

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