Urban&Civic hikes FY pretax profit

Urban&Civic has booked a FY pretax profit of £25.9m, from £7.0m. Dividend per share was 2.9p, from 2.65p, including a final payment of 1.8p.

EPRA net asset value was £409.8m, from £389.9m. EPRA NAV per share was 284.2p, from 270.4p.

"Urban&Civic was established as a counter cyclical stock with the specific aim of creating great environments and outstanding schools in affordable, well connected areas," said executive chair Nigel Hugill.

"Demand is underpinned by local economies and relative housing costs. More than 3 per cent of London's population are currently leaving each year.

"Most stay within 100 miles. We are old enough to know that circumstances shoot down the cavalier but with assets up, profits up and a conservative balance sheet we can look to maintained outperformance."

OTHER HIGHLIGHTS:

- Majority of asset and earnings growth attributed to H2 spanning the EU Referendum vote

- 73 per cent of Group balance sheet now in consented residential plots

- £5.5 million of Scottish land write downs out of a total £7.5 million property impairments

- Net gearing of 9.2 per cent at 30 September 2016; nil following post year end receipt of sales proceeds.