KWE reports 23.3% operating income rise
Kennedy Wilson Europe has reported a 23.2% rise in operating income to £160.3m, although adjusted net asset value fell 3.9% to £1.5bn.
There was a 3.5% increase in adjusted NAV per share to 1,215.9p per share after the company completed a £100m share buyback programme. The average price paid was 1,020p per share, reflecting a 17.7% discount to the third quarter adjusted NAV per share.
In a statement, the company said that despite “strong progress across all parts of the business”, there was a disconnect between its share price and the underlying business, which motivated the share buyback scheme that helped boost earnings per share by 15.2%.
Kennedy Wilson Europe has reported a 23.2% rise in operating income to £160.3m, although adjusted net asset value fell 3.9% to £1.5bn.
There was a 3.5% increase in adjusted NAV per share to 1,215.9p per share after the company completed a £100m share buyback programme. The average price paid was 1,020p per share, reflecting a 17.7% discount to the third quarter adjusted NAV per share.
In a statement, the company said that despite “strong progress across all parts of the business”, there was a disconnect between its share price and the underlying business, which motivated the share buyback scheme that helped boost earnings per share by 15.2%.
Mary Ricks, president and chief executive of Kennedy Wilson Europe, said: “Going forward, the triggering of article 50 is likely to prolong market uncertainty.
“We will remain disciplined in deploying capital, always allocating it to its best use, and 2017 will continue to see a balance between disposal proceeds and selective capital deployment.”
The company has done £539.7m of disposals since 2015, and the portfolio value has grown 3.2% to £2.9bn.
KWE results
31-Dec-16
31-Dec-15
Change (%)
Adjusted NAV (£m)
1,533.70
1,596.50
-3.9
Adjusted NAV per share (p)
1,215.90
1,174.50
3.5
Net debt (£m)
1,234.80
1,109.60
11.3
Loan to value (%)
42.80
39.70
3.1pp
Net operating income (£m)
160.30
130.10
23.2
Adjusted earnings (£m)
74.10
65.00
14
Adjusted earnings per share (p)
55.20
47.90
15.2
Dividend per share paid (p)
48.00
35.00
37.1
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