LONDON (ShareCast) - (Sharecast News) - Property investor CLS Holdings reported a mixed first-half performance on Wednesday, with progress on strategic priorities tempered by weaker rental income.
Net rental income fell 9.5% year-on-year to £53.3m, reflecting the impact of property disposals and expiries, though CLS said this was partly offset by stronger income from new lettings and renewals. Lettings, on the other hand, rose 17% year-on-year, with management highlighting that momentum had accelerated post-period end.

EPRA earnings per share dropped 16.7% to 4.0p, while statutory losses per share from continuing operations narrowed 6.1p, down from 15.4p a year earlier. As a result, CLS cut its interim dividend in half to 1.30p per share, with the group citing a more disciplined capital allocation approach.

CLS also said it had completed or exchanged contracts on property sales worth £143m during the half, helping reduce leverage and meet refinancing targets. However, EPRA net tangible assets per share declined 2.6% to 209.5p, and statutory NAV per share fell 2.5% to 192.3p.

CEO Fredrik Widlund said: "We continue to make progress reshaping the business, creating a more focused portfolio of higher-quality, faster-growing properties to drive earnings growth.

"We enter the second half with clear strategic direction and cautious optimism, supported by improving market fundamentals, a robust leasing environment and a somewhat more stable macroeconomic outlook."

As of 0805 BST, CLS shares were up 1.42% at 64.20p.

















Reporting by Iain Gilbert at Sharecast.com

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