Picton Property nudges dividend higher but pretax profit falls
Picton Property Income Ltd on Friday reported ‘a year of progress’ and said it is well-positioned to grow earnings in future.
The Guernsey-registered real estate investment trust reported a net asset value per share of 102 pence as of March 31, up from 100p one year prior.
Its NAV total return was plus 6.1% for the financial year ended March 31, against plus 8.1% for the year before.
Shares in Picton were 1.1% higher at 72.20p late on Friday morning in London.
The company reported a pretax profit of £25.9 million for financial 2026, down 31% on-year from £37.3 million.
Net property income decreased 4.9% to £35.8 million from £37.7 million, with revenue from properties decreasing 5.5% to £51.1 million from £54.0 million.
Picton said dividends paid during the year totalled 3.8p per share, up 2.7% from 3.7p.
It also noted that its total property return of plus 5.9% outperformed the plus 5.4% return delivered by the MSCI UK Quarterly Property Index, which it has now surpassed for 13 consecutive years.
‘These results reflect a year of progress...Despite macroeconomic conditions, occupational markets are proving more resilient, against a backdrop of limited new development,’ commented Chair Francis Salway. ‘We remain well-positioned, with a high quality portfolio and a disciplined approach to capital allocation, which this year, has been focused on reducing office exposure, investing into the portfolio and share buybacks.’
Chief Executive Michael Morris, meanwhile, said: ‘We have delivered solid operational performance, with NAV and ERV growth over the year.
‘This included 5% rental growth across the portfolio driven by lettings, lease renewals and investment into upgrading the portfolio...Two key industrial lease events have reduced occupancy in the second half of the year, but with an encouraging leasing pipeline and significant reversion of £13.2 million above the current contracted rent, we are well placed to grow earnings through leasing activity, resetting rents to ERV and targeted investment in the portfolio.’
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