CLS Holdings announce a proposed final dividend maintained at 5.35 pence per share to be paid on 2 May 2023, resulting in a total 2022 dividend of 7.95 pence per share, an increase of 3.2% (2021: 7.70 pence per share)
Other financial highlights include:
EPRA NTA down 6.0% primarily as a result of property valuation declines of 2.6% in Group currency (5.3% in local currencies), partially offset by increased EPRA earnings
Portfolio valuation down 5.3%% in local currencies, better than the declines in the market reflecting the quality of their portfolio and indexed-linked leases. Yield expansion resulted in valuation decreases of 6.7% in the UK, 3.5% in Germany and 5.3% in France
Loss before tax of £82.0 million (2021: £91.5 million profit) principally due to valuation declines on investment properties of £136.5 million (2021: £28.5 million gain)
EPRA EPS up 2.7% to 11.6 pence per share from higher profits from their hotel and student operations and tax savings following conversion to a REIT in the UK, partly offset by lower net rental income from their offices given higher vacancy. Statutory EPS of (20.2) pence per share reflecting the valuation declines
Total accounting return for the year of -3.7% (2021: 3.7%)
They anticipate increased financing costs in 2023 given higher interest rates but are focussed on reducing vacancy from their refurbished schemes and other vacant space
