SEGRO has announced its financial results for the year ended December 31, 2020. Revenue was flat, totalling £431.7m, down 0.2% year-on-year from £432.5 in 2019. Operating profit meanwhile grew 58.1% year-on-year to reach £1,501.0m (2018: £949.4m).
Portfolio capital valuation surplus of 10.3% driven by a 9.2% increase in the like-for-like value of its Uk portfolio (2019: 2.5%) and 10.2% in Continental Europe (2019: 13.5%)
“The pandemic has reinforced the importance of efficient and resilient distribution networks to facilitate the provision of a wide variety of goods and services, leading to increased demand for warehouse space. 2020 saw a record level of investment for SEGRO as we seek to capitalise on these favourable trends, giving us confidence in our ability to drive further growth in rental income, earnings and dividends over the coming years,” said David Sleath, Chief Executive.
Source: SEGRO
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