Hansteen Holdings sees strong growth in profitability during the first half of 2014

HSTN : Hansteen Holdings sees strong growth in profitability during the first half of 2014

Hansteen Holdings recent interims report strong profit growth during the six months to 30 June 2014. Normalised income profit per share increased 31.0% to 3.8p (2.9p for the first half of 2013) whilst normalised total profit increased by 59.1% to £35.0 million (H1 2013: £22.0 million). The net debt to property value ratio also improved to 45.9% during the first half (31 December 2013: 49.3%), whilst the EPRA NAV per share increased 5.5% to 96p (31 December 2013: 91p).

In terms of portfolio changes, there were 30 sales from the total portfolio with a total value of £90.4 million and a combined profit of £8.3 million. Year to date, Hansteen has acquired £142.7m of properties at an average yield of 11.3% and an average vacancy rate of 18.7%. The first half also saw a placing of 44.8m Hansteen shares raising £46.3m.

Hansteen is a London Listed Real Estate Investment Trust focused on UK and continental European industrial property. It has assets Germany, UK, France, Belgium and Netherlands.