McKay Annual Results to 31st March 2017 - page 4

MKS / MAY 2017 /
4
A YEAR OF SIGNIFICANT MOMENTUM
OPERATIONAL INITIATIVES DRIVING RENTAL AND CAPITAL GROWTH …
26 new lettings: 6.4% ahead of ERV
9 lease renewals: 4.4% ahead of ERV / 16% ahead of passing
11.0% increase in contracted rent to £23.42m pa … historic high
3.9% increase in portfolio ERV (net) to £32.68m pa … historic high
1.7% valuation surplus (£7.07 million) on portfolio value of £429.92 million … historic high
Major office developments completed at Reading and Redhill
Outperformance of IPD (on capital and rental growth, and total return)
… AND
FINANCIAL GAINS
Gross rental income: up 3.1% to £20.79m
Adjusted profit before tax: up 8.3% to £8.60m
EPS (adj basic): up 8.2% to 9.2pps
EPRA NAV: up 0.7% to 303 pps
Final dividend: up 3.3% to 6.3 pence per share (March 2016: 6.1 pps)
Full year dividend up 2.3% to 9.0 pence per share (March 2016: 8.8 pps)
DELIVERING THE GROWTH STRATEGY
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