As anticipated, Segro published solid results in H1. The portfolio gained +5.8% on an lfl basis to £5.2bn and EPRA NAV now stands at 416p (up 8.3%). Adjusted PBT stands at £69.2m up 3.7% yoy, with EPS gaining 4.3% to 9.2p, better than we expected (our FY expectation was 17.7p). The interim dividend is increased to 5.0p form 4.9p yoy. The financial position remains strong with net debt at £1.8bn and an LTV down 1% to 39%.
