Independent Online

Friday, May 27, 2022

Like us on FacebookFollow us on TwitterView weather by locationView market indicators

Irongate Group reports robust annual results

Irongate Group said that revenue increased sharply to R1.3 billion in the year to March 31.

Irongate Group said that revenue increased sharply to R1.3 billion in the year to March 31.

Published May 11, 2022

Share

IRONGATE Group, formerly Investec Australia Property Fund (IAP), said yesterday that revenue increased sharply to AU$117.34 million (R1.3 billion) in the year to March 31, from AU$32.22m the year before.

Operating profit more than doubled to AU$266.32m from AU$110.74m. Headline earnings climbed to 103.52 AU cents from 12.67 AU cents. Net tangible asset value per security came to AU$1.74 from AU$1.43 the year the year before.

Story continues below Advertisement

Chairman Richard Longes and chief executive Graeme Katz said in the annual report that the risk management systems in the business, together with the quality of the property portfolio and underlying tenant base, meant IAP was able to operate efficiently and effectively and deliver a strong financial result for security holders for the 2022 financial year.

IAP grew its balance sheet aided by two successful institutional placements, raising about AU$100m of additional equity.

IAP’s portfolio comprises 37 properties valued at AU$1.68bn across the office and industrial sectors in Australia and New Zealand.

Story continues below Advertisement

The balance sheet was strong with gearing at 30.1 percent and AU$104.3m of undrawn debt facilities available.

In January a proposal from a Charter Hall partnership was received to acquire IAP for A$1.90 cash per security. Security holders would have an opportunity to approve the proposal at a meeting scheduled for late June 2022.

The group did not provide guidance for the 2023 financial year, but further information would be provided if the Charter Hall proposal did not proceed, they said. - Edward West

Story continues below Advertisement

BUSINESS REPORT

Related Topics:

Share