Texton grows profit 7% in tough markets
UK and SA property owner’s interim dividend falls after forex gain is not repeated
Texton Property Fund reported pedestrian 7% growth in its core earnings in the first six months of its 2017 financial year and successfully reduced its loan-to-value ratio. This sets it up for a better performance in the future, says Texton CEO Nic Morris. The company, which owns properties in SA and the UK, has experienced great volatility in its share price partly because of its exposure to British property. The share prices of many UK property owners fell after last year’s Brexit referendum. On Monday, Texton declared an interim dividend of 47.95c per share for the six months to December 2016. This represented growth of 7% on core earnings, excluding once-off items. When compared with the dividend of 51.52c per share for the six months to December 2015, which included a once-off foreign exchange gain of R23.9m, or 6.69c per share, it represented a 6.9% decline. "Adjusting the prior year dividend by the once-off item results in a rebased dividend of 44.83c per share, which has gro...
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