SENS announcement for JSE listed company: STP

STENPROP LIMITED – Full year results to 31 March 2021

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Full year results to 31 March 2021

(Registered in Guernsey)
(Registration number 64865)
LSE share code: STP JSE share code: STP
(‘Stenprop’ or the ‘Company’)

SHORT-FORM ANNOUNCEMENT: Full year results to 31 March 2021

GBP1.47 6.78 pence 6.75 pence 28.1% +6.3%
EPRA NTA* Adjusted Total dividend Loan-to-value ratio* Like-for-like* portfolio
per share earnings per share* per share valuation increase in year

Platform efficiency and occupier demand driving performance

– Like-for-like rental growth across the MLI portfolio of 5.6% for the year
(2020: 5.6%), driven by average uplifts from previous passing rents upon new
lettings and renewals of 16.3%
– MLI portfolio vacancy has fallen to 6.3% on 31 March 2021 from 9.0% on
31 March 2020 because of high demand and limited supply of MLI units in the market
– ERV across the portfolio grew 6.2% to GBP6.16/sq ft (2020: GBP5.80/sq ft), reflecting a
12.8% premium to the average passing rent of GBP5.46 sq ft (2020: GBP5.27/sq ft)
– Over 60% of leases contracted through Stenprop’s short form digital ‘Smart Leases’
– Robust rent collection of 90%
– website users up 75% year on year

Multi-let industrial transition strategy nearing completion

– Multi-let industrial assets comprise 74.3% of total portfolio (2020: 58%) with
Stenprop on target to reach 100% by 31 March 2022
– 14 individual MLI estates, totalling over one million sq ft, acquired during the year
for GBP91.5 million in line with GBP90 million target
– Disposed of GBP79.5 million of non-MLI assets in Germany, achieved at an average
premium of 15% to the 31 March 2020 valuations

Asset management continues to underpin valuation and earnings growth

– Total Accounting Return doubled to 11.4% (31 March 2020: 5.7%)
– Declared covered final dividend on 9 June 2021 of 3.375 pence per share,
which together with the interim dividend of 3.375 pence per share declared
on 2 December 2020 results in a total covered dividend for the year ended
31 March 2021 of 6.75 pence per share (2020: 6.75 pence per share). The total
dividend for the year is fully covered by adjusted earnings(1)
– Adjusted earnings per share of 6.78p (31 March 2020: 6.88p), mainly reflecting
a bad debt expense of GBP3 million compared with a bad debt expense last year
of GBP0.5 million which was before COVID-19. Adjusted earnings attributable to
shareholders were GBP19.4 million (2020: GBP19.7 million)
– 6.5% increase in EPRA Net Tangible Assets per share to 147 pence
(31 March 2020: 138 pence). Diluted IFRS* Net Asset Value per share was GBP1.48
(31 March 2020: GBP1.37)
– Portfolio valued at GBP582.3 million (2020: GBP532.6 million), reflecting a like-for-
like valuation increase of 6.3%. This was primarily driven by a 10.1% increase in
the like-for-like value of the MLI portfolio. 65% of this was as a result of rental
growth and 35% as a result of a yield change
– Net rental income from continuing operations for the period of GBP32.0 million
(2020: GBP33.0 million). Basic IFRS earnings attributable to ordinary shareholders
increased to GBP53.0 million (2020: GBP15.6 million), equating to a diluted IFRS EPS
of 18.57 pence (2020: 5.44 pence)
– Diluted headline earnings for the period were 7.25 pence per share
(2020: 5.79 pence)

* EPRA NTA’ means European Public Real Estate Association Net Tangible Assets
Loan-to-value ratio is the ratio of total borrowings, less unrestricted cash, to the Group’s aggregate value
of properties.
‘Like-for-like’ is a change in measure for reference data existing in the current and previous period
‘Adjusted earnings per share’ was previously named ‘Diluted adjusted EPRA earnings per share’

(1) The dividend of 6.75 pence per share represents a dividend yield of 4.4% on the share price at
8 June 2021 of GBP1.55, and a yield of 4.6% on the diluted EPRA NTA per share at 31 March 2021 of GBP1.47.
Subject to the receipt of regulatory approvals, the directors intend to offer shareholders the option to
receive all or part of their dividend entitlement by way of a scrip issue of new Stenprop ordinary shares,
or in cash. A further announcement informing shareholders of the salient dates and tax treatment of the
dividend will be released in due course.

FX rates in period

Average foreign exchange rates in the year: GBP1.00:EUR1.1202; GBP1.00:CHF1.2057
(2020: GBP1.00:EUR1.1442; GBP1.00:CHF1.2544)

Year-end foreign exchange rates: GBP1.00:EUR1.1738; GBP1.00:CHF1.2985
(2020: GBP1.00:EUR1.1249; GBP1.00:CHF1.1914)

Short-Form Announcement

This short-form announcement is the responsibility of the directors and represents a summary of the information contained in
the full announcement released on SENS and the LSE on 11 June 2021 and does not contain full or complete details. None of
the information contained in this announcement has been reviewed or reported on by the Company’s auditors.

The full announcement can be accessed using the following JSE link:

Copies of the full announcement may be requested at 180 Great Portland Street, London, United Kingdom, and at the office of
the sponsor, Java Capital, 6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196, Johannesburg, South Africa during office hours
at no charge from Friday, 11 June 2021 to Friday, 18 June 2021. Any investment decision by shareholders and/or investors should be
based on information contained in the full announcement published on SENS and the LSE, and on the Company’s website.

Stenprop Limited’s annual financial statements for year ended 31 March 2021 have been audited by the Company’s auditors, BDO LLP,
who have provided an unqualified opinion, including key audit matters within their audit report. The full announcement including
the Company’s annual financial statements is available on and the audit opinion
is available on

Stenprop Limited
11 June 2021

Registered office: Kingsway House, Havilland Street, St Peter Port, GY1 2QE, Guernsey

Date: 11-06-2021 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

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