(Alliance News) - Tritax EuroBox PLC on Tuesday said that profit was down, even as its "high-quality portfolio" increases in value.

The London-based investor in logistics property across continental Europe said pretax profit for the year ended September 30 was EUR76.6 million, down 41% from EUR129.0 million a year before. IFRS net asset value per share edged up 0.8% to EUR1.32 at the end of September, from EUR1.31 a year before.

The company said the value of its portfolio increased 38% to EUR1.77 billion at September 30, up from EUR1.28 billion a year ago, driven by acquisitions during financial 2022. Rental income for financial 2022 was also up 32% at EUR57.9 million, from EUR43.9 million the year prior.

Tritax shares were 3.5% higher, trading at 68.90 pence per share on Monday morning in London.

Tritax declared an interim dividend of 1.25 euro cents per share, bringing the total dividend for financial 2022 to 5.00 euro cents per share. Basic earnings per share fell to 7.28 euro cents for financial 2022, down 63% from 19.59 euro cents a year ago.

Looking forward, Chair Robert Orr said: "Our high-quality portfolio, strong customer base and robust balance sheet mean we are very well positioned to weather the economic headwinds we are facing. The lower cost base and additional revenues generated from operational activity, provide positive momentum to earnings going into 2023 and support a fully covered dividend going forward."

Tritax also announced that it had appointed Sarah Whitney as senior independent director with immediate effect. Whitney will replace Keith Mansfield, who remains on the board as a non-executive director. Whitey was previously a non-executive director at the company.

By Harvey Dorset, Alliance News Reporter

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