The Palace Capital Plc Group paid or declared dividends of 15.0 pence per share in relation to the year ended 31 March 2024 (2023: 15.0 pence per share), including a proposed final fourth quarter dividend of 3.75 pence per share. The fourth quarter final dividend of 3.75 pence per share will be paid, subject to shareholder approval at the AGM being held on 24 July 2024, on 23 August 2024 to shareholders on the register at 26 July 2024. The ex dividend date will be 25 July 2024.
Other financial highlights:
profit before tax of £5.4 million (2023: £7.6 million) reflecting the reduction in income following disposals, offset in part by the reduction in associated interest costs and recurring administrative expenses.
IFRS loss before tax of £9.3 million (2023: £35.8 million loss) primarily due to the portfolio revaluation deficit of £15.4 million.
Adjusted EPS of 13.8 pence (2023: 17.1 pence) reflecting the movement in adjusted profit before tax but partly mitigated by the accretive share buyback programmes.
Total dividends paid or declared for the year of 15.0 pence per share (2023: 15.0 pence per share).
EPRA NTA per share decreased by 11.5% to 262 pence (2023: 296 pence) due to the portfolio revaluation deficit, offset by the 8.0 pence per share buyback accretion.
Total property portfolio valuation reduced by 15.5% on a like-for-like basis (2023: 18.6% decrease).
Net cash position of £11.5 million (2023: Net debt £58.8 million, LTV 31%). In the twelve months to 31 March 2024, gross debt reduced by £56.0 million to £8.3 million. Net debt to net cash movement £70.3 million.
Annualised administration cost savings of £0.9 million (2023: £1.4 million) following the Board changes and the relocation of the Company's head office, together with other cost reduction measures.
During FY24, further share buyback programme announced with 6.2 million shares purchased for £15.2 million. Total cash returned to shareholders from buyback programmes to date is £21.9 million.
