Segro posts jump in full-year adjusted profit

By @ibtimes on

British industrial landlord Segro plc posted a 9 percent jump in full-year adjusted pretax profit, as occupancy increased across its properties, and raised its final dividend.

Segro, whose portfolio comprises of 5.4 billion pounds of predominantly industrial and warehouse assets, said pretax net loss was 53.6 million pounds, compared with a profit of 197.2 million pounds last year.

However, adjusted profit before tax was 138.5 million pounds.

Retention rate increased to 74 percent while vacancy rate dropped to 9.1 percent.

We expect the macro environment to remain unsettled for some time to come, both in the UK and continental Europe, Chief Executive David Sleath said in a statement.

In November, Segro said it plans to focus its UK multi-let industrial portfolio on London and South East, and dispose of non-core assets.

On Monday, it sold a portfolio for 80.2 million pounds.

The company, strongly focused on the British market, especially around London's Heathrow Airport, declared a final dividend of 9.9 pence a share, up 3 percent.

(Reporting by A. Ananthalakshmi in Bangalore; Editing by Roshni Menon)

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