Raven Property Group has proposed a flat distribution of 1.25 pence per ordinary share, by way of a tender offer buy back, for the six months to June 30, 2019. File Photo: IOL
CAPE TOWN -  Raven Property Group has proposed a flat distribution of 1.25 pence per ordinary share, by way of a tender offer buy back, for the six months to June 30, 2019.

Net operating income increased 11.2% to £64.3 million, 11.3 percent higher than £57.6m in 2018, a statement said Tuesday. 

The group has a portfolio of Class "A" warehouse complexes in Russia, and secondary listings on the JSE and Moscow Stock Exchange, with a primary listing in London. The distribution buy-back offer was 1 in 44 shares, at 55p.

Average occupancy was 90 percent, up from 84 percent at the same time last year. 

Basic underlying earnings per share of 5.31p was well up from 0.67p in the 2018 interim period.

Diluted net asset value per share increased by 40 percent to 67p, compared with 48p at the December year-end. 

Some 14.8 percent of the ordinary shares were purchased for 36p per share and cancelled on August 21, 2019, which increased net asset value per share by a further 5p.

CEO Glyn Hirsch said the results reflect “steadily improving market conditions and finally, some currency movements working in our favour.“

Net rental and related income increased to £64.3m from £57.6m. Operating profit increased to £88.9m from £77.2m.

BUSINESS REPORT