September 2025 – Half Year Report

This half year marks a genuine turn in the income story. Revenue rose 23% compared with the same period in 2024, reaching 10.07p per share. The Board is pleased to increase the interim dividend to 5.75p. Income momentum is rebuilding and it is good to see our direct property assets contributing meaningfully
once again. After several years in which uncertainty has overshadowed fundamentals, it is encouraging to see full dividend cover move back into sight – complementing healthy share price and net asset value returns.
KATE BOLSOVER, CHAIRMAN