Picton Property Income — Strong H122 with good growth potential

Picton Property Income (LSE: PCTN)

Last close As at 05/08/2026

GBP0.74

1.10 (1.50%)

Market capitalisation

GBP382m

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Picton Property Income — Strong H122 with good growth potential

The H122 IFRS profit of £53.9m was the highest that Picton Property Income has ever recorded for a six-month period. EPRA earnings and dividends also grew as the property portfolio showed further strong outperformance. Strong reversionary potential and financial flexibility for accretive acquisitions are positive indicators for further growth, while Picton is attuned to the value-creating potential of sector consolidation.

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Research: Healthcare

Sareum Holdings — SDC-1801’s clinical plan modified

Sareum’s lead asset SDC-1801 is inching closer to completing its preclinical toxicology studies, although the decision to pursue a capsule alternative to the original suspension formulation, at the cost of a further delay in the clinical trial application (CTA) filing (now expected mid-2022), comes as a surprise. Management asserts that the new formulation adds value to the programme (removing the need to develop capsules at a later stage) and is supported by £4.6m of funds raised in calendar Q221/Q321. While we see merits in the strategy, continued delays may concern the market. Encouragingly, out-licensed asset, SRA737, seems to be gaining traction after Sierra Oncology’s decision to reassess it in combination with other targeted therapies. We expect that the next few months will be crucial for Sareum.

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