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Interim Results

Redefine Int'l sees H1 pretax profit fall

26 April 2016 09:59

Redefine International has seen its H1 pretax profit fall to GBP8.4m, from GBP38.5m, as revenue tiptoed higher to GBP41.5m, from GBP40.4m. The result was dented by a GBP17.3m investment property revaluation loss, versus the prior year's gain of GBP10.5m.

Dividend per share was 1.625p, from 1.6p. Adjusted NAV per share fell to 40.9p, from 41.3p.

Chairman Greg Clarke said:

"The focus of the last six months has been on completing the £490 million AUK portfolio acquisition and commencing income enhancing asset management initiatives.

"This off-market acquisition has brought the value of the Company's assets to in excess of £1.5 billion and is a demonstration of management's ability to source, secure and effectively execute high quality transactions.

"I am extremely pleased with the support received from both existing and new shareholders during our capital raise in February to part fund the AUK transaction.

"Given the prevailing volatile capital markets, this is testament to the progress the business has made in reshaping its portfolio and capital structure."

At 9:59am: (LON:RDI) Redefine International share price was +0.32p at 46.9p

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