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QuotedData’s morning briefing 27 July 2022

In QuotedData’s morning briefing 27 July 2022:

  • Aberforth Smaller Companies (ASL) has posted its half-year results for the six months to 30 June 2022. During the period, its NAV fell by 16.8% while its share price fell by 18.4%. However, this remains ahead of its benchmark, the Numis Smaller Companies Index (excluding investment companies) which fell by 20.2%. Good underlying progress was enhanced by five special dividends, though the contribution of special dividends to overall income was lower than in the same period last year. In total, investment income during the period was up by 52% year-on-year. ASL announced an interim dividend of 12.05p, which is 10% higher than the previous year’s 10.95p.
  • SME Credit Realisation (SCRF) has posted its full-year results for the 12 months to 31 March 2022. During the period under review, total comprehensive income amounted to £13.13m which included a release of impairment loss provision on Credit Assets of £7.34m and a loss on the movement in fair value of the Credit Assets of £2.25m. Aggregate dividends of 5.25 pence per ordinary share were declared for the year and the company redeemed a total of 82,414,359 shares for a total amount of £76,199,759. SCRF will continue to return capital to investors predominantly by way of compulsory redemption of shares as liquidity arises through loan repayments or by other means. The directors may also seek to apply free cash to on-market share repurchases if such a strategy is deemed to be in the best interests of shareholders as a whole.
  • Student accommodation landlord Unite Group (UTG) says reservations are ahead of pre-pandemic levels at 92% (2021/22: 83%, 2020/21: 82%, 2019/20: 91%), as university applications for this academic year rise 7% above pre-pandemic levels. In half-year results to June 2022 the company reported adjusted earnings per share was up 32% on the first half of 2021 to 24.0p and profit before tax of £334.1m (H1 2021: £130.4m), driven by adjusted earnings and a valuation gain of £214.9m. EPRA NTA per share was up 7% to 940p, up 7% (31 December 2021: 882p). For the upcoming academic year the company says it is confident of achieving 97% occupancy and rental growth of 3.5%-4.0%.
  • Primary Health Properties (PHP) says adjusted earnings per share increased by 9.7% to 3.4p (30 June 2021: 3.1p) in half year results to 30 June 2022. Contracted annualised rent roll increased by 2.5% to £144.2m. Adjusted Net Tangible Assets (NTA) per share increased by 3.5% to 120.8p, with the portfolio valuation rising to £2.9bn (31 December 2021: £2.8 billion).
  • AEW UK REIT (AEWU) posts a NAV total return of 6.5% for the quarter to 30 June 2022. The group’s NAV was up 4.9% to 126.5p, while it paid a quarterly dividend of 2p. This was still not covered by earnings, which were 1.5p per share in the quarter, but the company says it expects this to return to 2p per quarter once certain sales are complete during August and the proceeds have been reinvested. The company’s portfolio valuation was up 4.5% on a like-for-like basis.
  • Picton Property (PCTN) reports a 2% uplift in NAV for the quarter to 30 June 2022 to 122.9p per share and a NAV total return of 2.8%. It declared a dividend of 0.875p for the quarter, in line with its annual dividend target of 3.5p, delivering a dividend yield of 3.8%, based on 25 July 2022 share price. The dividend was covered 103% by earnings.
  • Residential Secure Income (RESI), which owns a portfolio of independent retirement living and shared ownership properties, posts a NAV total return for the quarter to 30 June 2022 of 2.0%. The group’s quarterly dividend of 1.29p per share (5.16p annual target) was 97% covered by earnings. The group’s portfolio of 3,291 homes was valued at £389m, up 0.9% in the quarter.

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