Triple Point Social Housing profit up 20%; meets dividend target

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Social housing investor Triple Point Social Housing booked a 19% rise in annual profit, as property acquisitions helped boost its rental income.

Pre-tax profit for the year through December increased to £23.7m, up from £19.9m on-year.

Rental almost doubled to £21.1m, up from £11.5m.

The company's IFRS net asset value per share, its preferred measure of performance, rose 1.7% to 105.37p.

It declared a dividend of 5.095p per share, up from 5.00p on-year.

Chairman Christopher Phillips said the company had met its dividend target and was making progress towards fully covering its dividend.

'Rent continues to be paid and on time,' he said.

'In 2020 we will continue to focus on property quality and due diligence, and our principal challenge will be to help the sector meet growing regulatory requests and increase the company's share price to reflect our continuing operational success.'

'However, building on our success this year and in previous years, we believe we are well equipped to meet these challenges and more as we move forward into 2020.'