H1 underlying revenue and asset management fees were line with FY25e forecasts. The first half result was boosted by one-offs, as outlined in the group’s recent trading update; we have updated our headline PBT forecast to reflect this. The outlook is steady; finances benefit from the £2.8m of cash raised via September’s open offer which covers immediate expenses, including the fit out of recently let space in Warsaw and £1m of deferred consideration. The Group’s focus remains on finding tenants ....
