Redefine International basic EPS 6.66p vs 24.16p loss

Redefine International plc (RPL)‚ the diversified income-focused property company‚ which holds a primary listing on the London Stock Exchange (LSE) and a secondary listing on the JSE‚ on Tuesday reported basic earnings per share of 6.66p for the year ended August 2013 after a restated 24.16p loss in 2012.

Returning to profit‚ the group said earnings available for distribution rose to GBP30.1m from GBP25.5m in 2012.

Its adjusted net asset value (NAV) per share was 38.66p — up 6.2% from 2012’s restated 36.41p.

It declared a second interim dividend of 1.635p per share from 2.30p in 2012. The 28.9% reflected an additional 388.5-million shares in issue at end August 2013. Total declared dividends for the year amounted to 3.11p compared with 4.4p previously.

Total shareholder return for the year was 58.9%‚ the group said.

The group said its portfolio quality was enhanced through asset management‚ sales and new acquisitions. It acquired three high-quality German shopping centres with a combined market value of GBP189m.

It also exchanged contracts for the acquisition of Weston Favell Shopping Centre for a purchase price of GBP84m post-year-end at an accretive 7.2% net initial yield.

Portfolio occupancy improved to 97.3% from 95.9% at end February 2013.

Chairman Greg Clarke said it had been an active and constructive period for the company in which it achieved not only a strong set of results but also its long-awaited goal of simplifying the shareholding structure to provide a single company with a dual listing on the LSE and JSE.

“The next key steps in terms of the company's proposed conversion to a UK-Reit (real estate investment trust) and internalisation of management are well advanced and further announcements will be made in due course.

“Further positive progress was made in restructuring the balance sheet post-year-end through an acquisition and debt restructuring with Aviva. The positive changes have reduced the leverage in the UK retail portfolio and the long-term fixed-rate financing is expected to be beneficial. The reduction in servicing the group's indebtedness has meant that the company has increased its earnings available for distribution from its rationalised and higher quality investment portfolio.”

Clarke said the economic outlook for the year ahead was increasingly positive and the group believed that‚ with an internalised management and industry benchmarked Reit structure‚ the company was well positioned to deliver strong returns to shareholders.

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