Real estate investor and fund manager, Cromwell Property Group (ASX:CMW) (Cromwell), has today reported its half-year (HY22) results.
HY22 RESULTS OVERVIEW
- Statutory profit of $132.5 million (HY21 $145.2 million) equivalent to 5.06 cents per security (HY21 2.53 cents per security);
- Operating profit of $96.4 million (HY21 $99.1 million) equivalent to 3.68 cents per security (HY21 3.79 cents per security);
- HY22 distributions per security of 3.25 cents, for a payout ratio of 88.3%;
- Net Tangible Assets of $1.03 (FY21 $1.02) with gearing unchanged at 42% (FY21 42%);
- Total assets under management increased to $12.1 billion (FY21 $11.9 billion);
- Completion of the review of Cromwell’s strategy; and
- Mr Jonathan Callaghan commenced as new Chief Executive Officer on 5 October 2021.
Cromwell Chair Dr Gary Weiss, in commenting on the past six months, said:
“While the global operating environment continued to be challenging due to the ongoing COVID-19 pandemic, Cromwell has achieved a satisfactory half-year result which reflects the stability and resilience of our platform. Our global team continues to provide on-the-ground operations, so that our securityholders and investors can benefit from our depth of experience and local knowledge across a range of key property sectors.
During the period, good progress was made on a number of fronts, most notably the appointment of Jonathan Callaghan as Managing Director and Chief Executive Officer (CEO) of the Group. Jonathan is an outstanding executive, with deep experience in property and capital markets.
In addition, we have undertaken a strategic review of the business. In November 2021, we outlined our proposed strategy to simplify the Group structure by using our existing portfolio of assets to create new funds and accelerate the growth in our funds management and development businesses. This is well progressed.
This proposed refocused strategy and refreshed vision for the Group has the full support of the Board and we look forward to progressing this initiative which the Board believes will drive long-term value for securityholders.”
To view the HY22 Results Announcement, click here.
To view the HY22 Results Presentation, click here.