75TW Annington 47

TIDM75TW

RNS Number : 9543K

Annington Funding PLC

02 September 2019

Annington Funding plc

Full Year Results

Annington Funding plc announces that the Financial Statements of Annington Limited for the year ended 31 March 2019 have been added to the Group's website and are available for viewing.

To view the full document, please paste the following URL into the address bar of your browser:

https://www.annington.co.uk/investor-relations/reports-accounts

The following are highlights from 2018/19:

-- On 7 March 2019, Annington announced that an agreement had been reached between Annington and the MoD in relation to the Service Family Accommodation Estate Site Review process.

-- Under this binding agreement, the MoD has committed to release a minimum of 3,500 properties over the next 7 years at a rate of 500 properties per annum.

-- Another key element is the clarification of how the Site Review process will operate, shortening the period of negotiation from four years to two years, through the use of 27 representative sites to settle the future adjustments to market rent to be applied after the Site Review.

   --     The carrying value of Group investment properties is GBP7.7 billion, up from GBP7.1 billion. 

-- At 31 March 2019, the Group's investment properties comprised 40,383 completed units (2018: 40,348 units).

   --     Rental income was GBP196.8 million (2018: GBP193.1 million). 

-- Profit after taxation was GBP457.1 million driven largely by the revaluation in 2019. The 2018 loss after tax of GBP1,059.8 million arose from a downwards revaluation and the one-off costs of refinancing.

-- The Group sold 66 (2018: 121) properties and recognised GBP15.1 million (2018: GBP34.9 million) in sales income.

OEIC Conversion

On 5 April 2019, the sole shareholder of Annington Limited ("Annington"), Annington Holdings (Guernsey) Limited ("AH(G)L"), was converted into an Open Ended Investment Company. This conversion will have a number of positive benefits for the Annington Group, including the following:

   I.     It facilitates the raising of new equity by AH(G)L. 

II. It will allow existing investors to redeem their shares at a price calculated with reference to NAV, provided in every case that this does not prejudice the fundamental credit standing of Annington.

Kempen & Co ("Kempen") has been engaged as sole placement agent to support the raising of new equity by way of issuing new shares in AH(G)L and any interest should be directed to Kempen at kempen_turner@kempen.com

Any enquiries regarding Scheme Particulars for the new shares in AH(G)L should be directed to AH(G)L via the enquiry page on AH(G)L's website, https://www.anningtonholdingsguernsey.gg/

Change in Dividend Policy

As a result of the improved financial profile during the course of 2019, Annington intends to commence paying a dividend.

Annington remains committed to maintaining its strong investment grade rating.

Enquiries

Annington Limited

AndyMartin@annington.co.uk

Annington@brunswickgroup.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

FR LTMATMBTMBRL

(END) Dow Jones Newswires

September 02, 2019 11:32 ET (15:32 GMT)

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