NewRiver REIT bounced back into profit for the financial year ending 31 March 2024 thanks to strong rental growth and leasing activity.
The company posted an IFRS profit after tax of £3m compared with a loss of £16.8m in 2023. NewRiver recorded record occupancy rates of 98%, completed 785,100 sq ft of lettings and achieved rental growth of 3.6% versus ERV in the reporting period.
Allan Lockhart (pictured), chief executive of NewRiver REIT, said: “During the fourth quarter, we have seen a continuation of the positive operational momentum that has built over recent years, which is reflective of both the steadily improving health of the underlying retail market and the inherent strengths of our business.
“The retail sector is arguably in the best position it’s been in for several years following a wave of corporate restructurings and the successful repositioning of many retailers, which have created a healthier operating environment, as well as the increased market share of omni-channel retailers with physical retail playing a central role.
“Our retail portfolio, which demonstrated valuation stability in the second half of the year, is ideally positioned to benefit from consumers increasingly seeking value and convenience. The implementation of strategic key decisions over the last four years has reshaped our business, and we are entering an exciting time as we progress from resilience to sustainable growth.
“We have also continued to invest into our specialist asset management platform, meaning we are well placed to ramp up our capital partnerships activities, supported by our strong cash and liquidity position.”
