CLS HOLDINGS PLC (Alliance News) - CLS Holdings PLC on Wednesday reported a swing to an annual loss and a decline in its net asset value due to property valuation falls amid rising interest rates.
The office space investor rounded off 2022 with a net asset value per share of 307.3 pence, down 5.9% from 326.6p at the end of 2021.
CLS shares were 1.7% higher at 145.40p each in London on Wednesday morning.
CLS, which has assets in London, Paris, Berlin and Munich, said it swung to an annual pretax loss of GBP82.0 million from GBP91.5 million. Revenue was largely flat at GBP139.7 million from GBP139.8 million. Net rental income edged down to GBP107.8 million from GBP108.0 million.
CLS posted a GBP136.5 million hit from the net revaluation movements on investment property, swinging from a gain of GBP28.5 million in 2021.
"2022 was very much a year of two halves, somewhat apt in a World Cup year, with the first half seeing a fairly stable market before the second half saw significant market deterioration in response to rising interest rates and a worsening economic outlook," the company said.
CLS maintained its final payout at 5.35p per share, "given ongoing uncertainty". Its total dividend for 2022 amounts to 7.95p per share, up 3.2% from 7.7p.
By Eric Cunha, Alliance News news editor
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