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Real estate investor McKay Securities swung to a full-year loss after the value of its assets and its rental income both fell.
Pre-tax losses for the year through March amounted to £16.6 million, compared to a year-on-year profit of £9.5 million.
Gross rental income fell 2.1% to £24.62 million following disposals, though adjusted profit, which excludes valuation movements, rose 2.4% to £9.96 million.
McKay declared a final dividend 5.5p per share, bringing the total payout for the year to 8.3p, up 15% year-on-year.
'McKay has delivered another positive set of results against a market backdrop that continues to be dominated by Covid-19, reflecting the portfolio's resilience during these challenging market conditions,' chief executive Simon Perkins said.
'The successes we have achieved in office leasing this year reinforces our conviction that the office will continue to play an essential role within corporate life, while our assets, due to both their location and specification, remain well placed to support hybrid working practices as these evolve.'
'We remain active in recycling our capital to drive income potential both in terms of refurbishment of vacant floorspace and acquisitions.'
'The pace of recovery and market sentiment will influence the speed at which we are able to recycle capital from recent disposals.'
'However with our South East focus, portfolio strength and substantial cash and undrawn facilities, we believe we are well positioned to benefit from this recovery and to respond quickly as opportunities present themselves.'
At 8:52am: (LON:MCKS) McKay Securities PLC share price was 0p at 213p