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Interim results for the six months ended 31 August 2018

24.10.18

U+I on track to deliver development and trading gains in line with full year target

U+I (LSE:UAI), the specialist regeneration developer and investor, announces its interim results for the six months ended 31 August 2018.

On track to deliver target of £45-50 million of development and trading gains in FY19

  • £12.8 million of gains delivered in H1, in line with target
  • Further progress post period end, including resolution to grant planning at Kensington Church Street
  • Good visibility on the projects that will deliver gains in H2, including Preston Barracks, Harwell, Curzon Park and Hendy Wind Farm

Continued progress against our stated FY19 key objectives

  • Growing pipeline with Cambridge Northern Fringe East win, exclusive negotiations on a new PPP project in London City Region, and three new trading opportunities under offer
  • Investment portfolio repositioning continues with £11.3 million acquisition; £0.7 million secured and £2.8 million under offer towards our target of £5 million added value through asset management initiatives. Capital values in H1 down 2.6% on a like for like basis, including joint ventures, mainly due to negative sentiment in the retail sector
  • Advisors appointed to identify capital partner(s) to fund three major pipeline projects

Interim dividend of 2.4 pence per share declared (H1 2018: 2.4 pence per share) – consistent with the Board’s previously stated policy

Matthew Weiner, Chief Executive, said:

“We have made good progress in the first six months of the year, realising £12.8 million of development and trading gains in the period to 31 August 2018, in line with our H1 target. We are confident that we have the strategy, team and pipeline to meet our £45-50 million development and trading target for the full year and we remain well placed to benefit from the shortfall of quality mixed-use schemes, which continue to drive strong demand in our key, high-growth, geographies of London City Region, Manchester and Dublin.

We are seeing a growing number of opportunities to deliver value through our public private partnerships, trading and investment activities, as evidenced by our Cambridge win, exclusive negotiations for a new PPP project, three new trading projects under offer, and our acquisition in Bournemouth. We are committed to delivering value for both our investors and the communities in which we work through our purpose driven performance and look forward to demonstrating this over the next six months and beyond.”

Financial summary (unaudited for the six months ended 31 August 2018 and 31 August 2017)

  31 Aug 2018 31 Aug 2017 28 Feb 2018
Development and trading gains* £12.8 million £7.2 million £68.3 million
(Loss) / profit before tax (£4.2) million (£3.3) million £48.2 million
Basic NAV £356.2 million £336.8 million £379.3 million
Basic NAV per share 284p 269p 303p
Basic (loss) / earnings per share (3.5)p (3.2)p 32.2p
Dividend per share (in respect of period reported) 2.4p 2.4p 5.9p
Supplemental dividend per share declared - - 12.0p
Net debt £118.7 million £159.4 million £119.1 million
Gearing 33.3% 47.3% 31.4%

* non-GAAP measure (refer to note 19)

Conference call for analysts and investors

The Company will hold an audiocast for sell-side analysts and investors at 9am today hosted by: Matthew Weiner, CEO and Marcus Shepherd, CFO.

The audiocast details are below and the interims presentation will be posted on the corporate website: http://www.uandiplc.com/investors/financial-calendar.

Audiocast link:
https://www.investis-live.com/uandi/5b97eaca7fa26e1000f5ce18/uiui

Participant dial-in numbers

United Kingdom020 3936 2999

All other locations+44 20 3936 2999

Access code961073 - please quote U+I for access to the conference

Replay information

United Kingdom020 3936 3001

All other locations+ 44 20 3936 3001

Replay code:697621

Forthcoming announcement dates:

As previously announced, the Company will report its full year results for the thirteen months to 31 March 2019 in May 2019.

For further information, please contact:

U+I
Nicola Krafft
+44 (0)20 7828 4777
ir@uandiplc.com

Camarco (Financial PR Adviser)
Geoffrey Pelham-Lane / Hazel Stevenson / Tom Huddart
+44 (0)20 3757 4985 / 4989 / 4991
uandi@camarco.co.uk

Interim Results for the six months ended 31 August 2018

 

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