SLOUGH (dpa-AFX) - SEGRO plc (SGRO.L), a UK Real Estate Investment Trust, Thursday reported that its trading in the early part of 2020, prior to onset of the Covid-19 situation, was encouraging. The company said that rent roll growth was tracking ahead of expectations due to new lettings and pre-lets.
Meanwhile, the company projects some negative effects on earnings in the short term, dependent upon evolution of the pandemic.
Further, the Board has concluded that it is appropriate to proceed with payment of the final dividend of 14.4 pence per share on May 1, as previously announced.
In its update on the impact of the Covid-19 on its business, the company noted that about half of the Group's headline rental income is payable on the UK quarterly payment days, with rents in Continental Europe payable on a different timetable.
The delivery of most development projects scheduled for completion during 2020 will be delayed mainly due to government measures taken to combat the virus.
SEGRO said it is very well capitalised with a strong balance sheet, high liquidity and significant headroom to its financial covenants.
SEGRO's AGM is due to take place on April 21, while shareholders will not be able to attend the AGM in person.
Copyright RTT News/dpa-AFX