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CLS Holdings PLC on Wednesday reported a swing to an annual loss and a decline in its net asset value due to property valuation falls amid rising interest rates. The office space investor rounded off 2022 with a net asset value per share of 307.3 pence, down 5.9% from 326.6p at the end of 2021. CLS shares were 1.7% higher at 145.40p each in London on Wednesday morning. CLS, which has assets in London, Paris, Berlin and Munich, said it swung to an annual pretax loss of £82.0 million from £91.5 million. Revenue was largely flat at £139.7 million from £139.8 million. Net rental income edged down to £107.8 million from £108.0 million. CLS posted a £136.5 million hit from the net revaluation movements on investment property, swinging from a gain of £28.5 million in 2021. ‘2022 was very much a year of two halves, somewhat apt in a World Cup year, with the first half seeing a fairly stable market before the second half saw significant market deterioration in response to rising interest rates and a worsening economic outlook,’ the company said. CLS maintained its final payout at 5.35p per share, ‘given ongoing uncertainty’. Its total dividend for 2022 amounts to 7.95p per share, up 3.2% from 7.7p. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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