It said rental income was stable in local currency in the period despite lower average occupancy across the portfolio as the company continued to achieve average rental uplifts of up to 5% on a square metre basis.

And it said significant progress was made against the company's strategic objectives to refinance investment assets and strengthen its capital position through the disposal of non-core holdings.

The group posts a pre-tax profit of £20.1m compared with a loss of £68.5m last time and a loss of £10.2m on a company basis compared with a loss of £52.6m a year ago.

The group profit attributable to equity holders was £17.8m compared with a loss of £10.2m last time while at the company level the loss was £80.3m compared with £52.6m a year ago.

Story provided by Business Financial Newswire