NewRiver turns in maiden £4.9m profit

NewRiver Retail has reported a maiden full-year pre-tax profit of £4.9m during a year in which it completed four acquisitions totalling £89m. It also converted to UK real estate investment trust status, restructured its corporate make-up, created a new banking relationship with HSBC and raised £35m of new capital through issues of equity and convertible unsecured loan stock during the period.

David Lockhart, chief executive, said: “While sentiment remained cautious within the retail sector the company believed there continued to be highly attractive opportunities for properly capitalised, specialist and proven investors such as NewRiver.”

The company had achieved its key objective of establishing a profitable platform with a strong management team that was capable of delivering sustainable growth in the 19 month period since its initial public offering. Lockhart said: “We are in a strong position to extend the success of the last year and enhance our position as one of the UK’s leading retail real estate investors.”