TIDMNRR

RNS Number : 4779H

NewRiver Retail Limited

12 July 2012

NewRiver Retail Limited ("NewRiver" or the "Company")

AGM Statement and Update

At today's Annual General Meeting of NewRiver Retail Limited (AIM and CISX: NRR), Chairman Paul Roy will make the following statement:

"As reported in the annual results of 29 May 2012, NewRiver has started the current financial year well with a strong pipeline of opportunities and a wide-ranging programme of risk-controlled development and refurbishment underway. Less than three years since the Company's IPO NewRiver has become a recognised leader in its specialist retail sector by building a GBP275 million portfolio of assets under management and completing more than 120 leasing events.

During the last financial year alone the Company completed six acquisitions totalling a net GBP93 million, raised a further GBP42.5 million of equity capital which was immediately deployed to expand the portfolio, created a new banking relationship, completed two disposals and further strengthened the Board and management team.

This high level of activity was reflected in another strong set of financial results with gross revenues increasing threefold to GBP15 million, recurring EPRA profits up fivefold to GBP4.4 million, EPRA earnings per share increasing almost threefold to 17.3p and the total dividend for the year increasing almost threefold from 5.5p to 15p this year.

A highlight from the last financial year was the acquisition of a portfolio of four shopping centres for GBP68 million. As well as increasing the Company's asset base, the acquisition was part-funded by a successful equity fundraising, attracting new shareholders and enlarging the Company's market capitalisation.

The Company has achieved its key objective of establishing a profitable platform with a strong management team. Considering the challenging conditions in the wider UK economy, we are pleased to report that rent collection and void rates have remained positive at the March and June 2012 quarter dates, reflecting both the strength of our tenant covenant and the quality of the assets the Company owns. We continue to transact on attractive value-creating opportunities and we are confident that our strong relationships with retailers and a wide network of market contacts, combined with our sector focused knowledge will continue to deliver attractive opportunities."

-ends-

For further details contact:

 
 NewRiver Retail Limited            Tel: 020 3328 5800 
  Paul Roy, Chairman 
  David Lockhart, Chief Executive 
  Mark Davies, Finance Director 
 Pelham Bell Pottinger              Tel: 020 7861 3232 
  David Rydell / Rosanne Perry

This information is provided by RNS

The company news service from the London Stock Exchange

END

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