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CLS profit falls 39% as pandemic dents hotel, student accommodation performance
StockMarketWire.com
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Commercial landlord CLS reported a fall in annual profit as the pandemic weighed on performance of its hotel and student accommodation.
For the year ended 31 December 2020, pre-tax profit fell 39.3% to £96.5 million year-on-year and net rental income slipped to £109.8 million from £110.6 million.
Rental increases from acquisitions were offset by Covid-19 related weakness across its hotel and student accommodation.
The company proposed final dividend of 5.20 pence per share, resulting in a total 2020 dividend of 7.55 pence per share, an increase of 2.0% for the year.
Looking ahead, the company downplayed fears that demand for office space has materially changed amid the pandemic-led settled pattern of work from home.
'Evidence from economies around the world which have opened up again has highlighted the return to more normal patterns of office use,' the company said.
At 8:31am: (LON:CLI) Cls Holdings PLC share price was 0p at 217p
Story provided by StockMarketWire.com
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