The Board of Raven Russia releases the results for the six months ended 30 June 2013.
· Annualised NOI now $191 million including PLAs and LOIs (30 June 2012: $177m);
· Investment portfolio over 97% let;
· Includes the completion of 84,000sqm of new space in Moscow, 80% pre let;
· Underlying earnings after tax increase 97% to $27.8 million in the six months to 30 June 2013;
· Operating cash inflow in the period up 50% to $74.4 million;
· Adjusted fully diluted NAV per share up 6 cents to 131 cents (31 December 2012: 125 cents);
· Cash balance of $152 million;
· Tender offer buy back of 1 in 37 shares at 75 pence proposed, equivalent to a 2 pence dividend (30 June 2012: 1.5 pence).
Glyn Hirsch, CEO, said "Our completed investment property portfolio is now virtually fully let with very little vacant space available at any location. Underlying earnings before tax in the six months have increased twofold, allowing us to push our covered distribution to the equivalent of 2 pence per share for the half year."
