Sirius increases revenue by nearly 50%

Sirius increased revenue by nearly 50% during the first half of the year. The business space group, which owns and operates branded business and industrial parks in the UK and Germany, increased revenue by 47.7% to €130.6m (£113.4m). The business reported pretax profit of €75.7m, slightly down from the €78.2m made in the same period the previous year. However, that included a 79% uplift in underlying profit to €47.9m, when adjusted for €27.8m of property valuation gains. The total portfolio value increased marginally to €2.08bn. Chief executive Andrew Coombs said: “It has been another solid six months for the business, with our portfolio continuing to demonstrate its resilience in both Germany and the UK.” He added that “rent roll increases and a robust leasing pipeline” would take the “positive momentum into the second half”. Sirius has seen a 2.4% increase in like-for-like rent roll in Germany and a 4.1% increase in the UK for the six-month period. It is anticipating another year of “greater than 5% like-for-like rent roll increase”, which is what it has achieved for the past eight years. Coombs added: “There are also many opportunities within our portfolio to unlock value and grow rental income through our successful asset management platform.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews