Redefine International on track to meet earnings forecast
Mike Watters, CEO for Redefine International
The Board of Redefine International, the diversified income focused property company based in London, today issued its Interim Management Statement relating to the period from 1 September 2011 to 17 January 2012.
The company said that despite current economic challenges, it was still on track to meet its earnings forecast set out in the reverse acquisition prospectus of Wichford P.L.C dated July 2011.
Mike Watters, CEO for Redefine International, said that the period since the Company’s year end in August 2011 had continued to be dominated by the Eurozone Sovereign debt and EU banking crises. He said the highlighted uncertainty and volatile economic environment that this has created, continues to impact on the performance of the commercial property market.
“Consumer confidence has been affected, resulting in a significant reduction in consumer spending and a knock-on effect on retailer profitability.”
Notwithstanding these tough business conditions, the Company’s underlying performance has remained robust. “The covenant strength of the UK Stable Income portfolio, strong performance of the Hotel, German and Swiss portfolios and very solid contribution from Cromwell, the Australian listed property trust in which Redefine International owns a 24.3% stake, have more than offset the weaker performance of the UK Retail portfolio, illustrating the benefit of our diversified portfolio,” concludes Watters.
