Overview of the six-month period
The first six months of our 2024 financial year (1H24) has been characterised by focused efforts to integrate the Group internationally following the internalisation transaction; strong operational performances from the underlying Group portfolios; and continued uncertainty in the global economic and interest rate environment.
Interim results highlights
Key interim highlights
Highlights for the period include:
Successfully completed the internalisation of the business in July 2023, and consequently rebranded as the Burstone Group in September 2023.
Significant strides made in integrating the business across the Group’s South African, European and Australian platforms.
Achieved strong operational performances in the South African and European portfolios:
- The South African portfolio remains stable and achieved marginal like-for-like NPI growth against a persistently challenging economic backdrop.
- The European PEL portfolio captured strong growth in contracted rent and benefited from cost savings initiatives.
As expected, results were adversely impacted by higher funding costs which occurred in the second half of the prior year.
Results were therefore in line with the Group’s expectations, with DIPS declining by 5.0% to 51.07cps (Sep 22: 53.78cps).
The Group maintains its previous guidance and expects to deliver DIPS growth of 0% to 2% in FY24. This equates to expected growth in DIPS of 5% to 9% in 2H24.
95% dividend payout ratio with an interim dividend of 48.52cps (Sep-22: 51.09cps).
The balance sheet remains healthy, with a defined plan to decrease LTV over time (Sep-23: 43%). The Group has low near-term refinancing risk and interest rate risk has been effectively managed
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