Circle Property announced its results for the six months to 30 September 2019. Annualised contracted rental income increased 7.2% to £8.2m, with a further £598,478 of contracted rent since period end. Property portfolio valuation increased to £135.6m and interim dividend rose 10% to 3.3p, maintaining the company’s progressive dividend policy.
Since an IPO in February 2016, Circle delivered a NAV compound average growth rate of 23% and a total return compound average growth rate of 26%. While the pace of lettings increased, with over £950,000 of newly-contracted rents being completed to date since the start of the year.
The company’s current portfolio is 99% focussed in the office sector and has no exposure to the retail sector.
John Arnold, Circle Property’s CEO, commented: “In the six months ended 30 September and post period end, we have been investing in the pipeline, increasing our rental growth and we are on track to deliver expectations for the full year. This bodes well for an uplift in valuation at the year end and we look forward to continuing our positive momentum.”