LondonMetric Property PLC on Thursday nearly tripled profit in its financial year, as it increased rental income and expanded its portfolio.

In the year ended on March 31, the London-based property investor’s revenue was £133.2 million compared with 122.2 million the year before.

Pretax profit nearly tripled to £738.3 million from £258.1, driven by an ‘unprecedented’ valuation uplift of £632.2 million.

EPRA net tangible assets per share increased by 37% to 261.1 pence at March 31, from 190.3 pence a year before. The firm’s total portfolio value at year-end stood at £3.60 billion, compared with £2.60 billion a year before.

Shares were in LondonMetric 4.2% at 258.40 pence each on Thursday morning in London.

The company’s net cash inflow from operating activities of £119.5 million also reflected an increase of £19.9 million compared to last year, as a result of the increased net rents received and changes in working capital.

LondonMetric declared a full-year dividend of 9.25 pence per share, compared with 8.65p in the previous year. Looking ahead, it expects to deliver on its core policy of a sustainable and progressive dividend.

Chief Executive Andrew Jones said: ‘Our portfolio has been strengthened over the year by our investment, development and asset management activities, which continues to increase our rental income and again allow us to progress the dividend by 6.9%.’

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