Daejan Holdings Plc (LON:DJAN) today presented the Interim Statement for the half year ended 30 September 2018.
|
30 Sep 2018 |
30 Sep 2017 |
31 Mar 2018 |
|||
|
£000 |
£000 |
£000 |
|||
|
Profit before tax |
61,100 |
56,643 |
201,262 |
||
|
Profit after tax |
48,858 |
45,474 |
202,958 |
||
|
Basic and diluted earnings per share |
£2.99 |
£2.79 |
£12.45 |
||
|
Equity shareholders’ funds per share |
£115.77 |
£103.28 |
£111.25 |
· The profit before tax for the period was £61.1 million (2017: £56.6 million) after accounting for the net valuation gain on investment properties of £32.5 million (2017: £29.5 million).
· The property portfolio has been valued by the Directors based on the recommendations of the Group’s external advisers and in the UK continues to show modest growth whilst the USA has been flat following increases in local interest rates.
· We continue to see some increase in rental income in the UK and USA, primarily driven by the letting of completed development projects.
· Brexit continues to provide political and economic uncertainty which has led to reduced forecasts for economic growth. This combination of factors will provide a challenging environment for our UK business. In the USA the economic outlook is more encouraging and should provide a positive environment to grow our business.
· The principal risk factors affecting the remainder of the financial year continue to be exposure to movements in the valuation of the Group’s investment properties, movements in the sterling/dollar exchange rate and the incidence of voids and bad debts.
· An interim dividend of 35p per share will be paid on 8 March 2019 to shareholders on the register on 8 February 2019.
