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Quintain reports preliminary results to 31 March 2008 | 05/06/2008
Preliminary Results for the year to 31 March 2008
Quintain Estates and Development plc - 1 -
5 June 2008
Quintain Estates and Development PLC
(“Quintain”/“Company”/“Group”)
Preliminary results for the year ended 31 March 2008
QUINTAIN WELL PLACED FOR LONG-TERM
VALUE CREATION
Financial Highlights
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Total return at property level of -3.9%, as measured by IPD vs March Universe of -8.5%
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EPRA Net Asset Value (NAV) down 13.8% to 676p
(2007: 784p)
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NAV per share down 11.5% to 584p (2007: 660p)
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EPRA earnings per share up to 2.5p (2007: -3.4p)
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Gross profit up 5.8% to £32.7m (2007: £30.9m)
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Gearing of 69% at the year-end
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Successful refinancing in March 2008, securing £620m of bank facilities; additional £95m raised post year-end
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Final dividend increased 0.25p to 8.5p
o Total dividend for the year 12.25p (2006: 11.75p).
Operational Highlights
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Wembley
o Contracts exchanged with the London Borough of Brent for the sale of 1.75 acres, enabling the creation of a new Civic Centre, located in the Northern part of Wembley City
o Acquisition of 21.4 acres during the year, taking the total scheme to 90 acres
o 96% of available private residential apartments already sold, with the first residents expected tomove in this August
o Detailed planning consents obtained for Hilton Hotel and student scheme
o Sixth consecutive unanimous consent received for W07, including 150,000 sq ft of retail and leisure
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Greenwich
o 135,000 sq ft of office space pre-let to Transport for London, with further option on 60,000 sq ft: construction now underway
o Detailed planning consent achieved for 894 homes
o International success of The O2 driving footfall and generating good rental income for Quintain Fund Management
o Funds under management increased from £711m to £1 billion
o Fee income rose by 105%
o Maintained focus on highly specialised and largely RPI linked income proving a major contributor to outperformance in a more challenging property market
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Investment Portfolio
o Ongoing sales and lettings programmes during the year.
To view the full PDF document, please click on the below link:
http://www.quintain-estates.com/files/080605-Prelims-Final-Combined.pdf
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