Redefine International lifts H1 profit

Redefine International has posted an improvement in pretax profit to £42m in the six months ended 28 February, up from £8.4m a year earlier. Its revenue for the period was £50.6m, up from £41.5m, and its net asset value per share was 40.4p. During the period Redefine’s disposals totalled £95m at an average premium of 12.4% to August 2016 market value. It also completed 40 new leases in the period for a gross annual rent of £2.2m. Chairman Greg Clark said: “Against an uncertain backdrop, Redefine International has delivered a solid performance underpinned by a strategy which is expected to deliver a much stronger company, portfolio and capital structure for the benefit of shareholders over the long-term. Following a number of transactions, the portfolio is now well on the way to being successfully repositioned for future income growth, meaning we can look to the future with renewed confidence.” To send feedback, e-mail amber.rolt@egi.co.uk or tweet @AmberRoltEG or @estatesgazette