LONDON (AFX) - Slough Estates PLC said positive momentum continued in the first half of 2006 with an increase in pretax profit to 338.1 mln stg from 119.0 mln the prior year.
The group's net asset value at the end of June was 730.8 pence, an increase from 680.4 pence a year earlier.
Slough raised its interim dividend to 6.9 pence from 6.5.
The group said its development pipeline has now increased to 2.7 mln square metres with the potential to add 215 mln stg of rental income.
Over 279,000 sq m is under construction, of which over 76 pct is pre-let or pre-sold, the company added. And it said some 650,000 sq m of construction starts are expected in the next 12 months.
The board also said it expects to convert to REIT status in January 2007.
Chief executive Ian Coull said that in the first half, the major restructuring of the UK business in 2005 helped to deliver good results. 'Our Continental European business has rewarded our investment with a lettings performance which was ahead of our expectations. '
Coull said the business is in good shape to maximise its opportunities in a REITs environment. newsdesk@afxnews.com slm COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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