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Segro boosted by retail sales frenzy

by LLB Reporter
18th Feb 22 11:57 am

An online shopping boom has pushed up profits at British warehousing firm Segro.

Segro, whose warehouses are scattered across the UK and continental Europe, reported a 20% jump in adjusted profits for 2021, while an earnings measure that tracks the value of its buildings surged by 40%.

The Guardian reported: “Segro says it saw record levels of rental growth last year, and a £4.1bn increase in the value of its portfolio.

“Demand to rent Segro’s properties jumped in the lockdown, as more customers shopped over the internet.

David Sleath, Chief Executive of Segro said: “2021 was a highly successful year for SEGRO as reflected in our full year results which include a £4.1 billion portfolio valuation uplift and record levels of rental growth. Investor and occupier supply-demand dynamics in the industrial and logistics sector remain very favourable, led by the long-term trends of digitalisation, supply chain resilience and an increasing focus on sustainability.

“Our Responsible SEGRO ambitions have been received positively by our customers, employees and other stakeholders and are becoming well integrated into the way that we run and grow the business. During 2021 we made important progress with our three priority areas of Championing low-carbon growth, Investing in our communities and environments and Nurturing talent.

“Our established and experienced pan-European operating platform remains focused on delivering excellence in customer service which, when combined with the strong relationships and reputation that we have with our stakeholders, provides us with a distinct advantage in an increasingly competitive sector. These capabilities enabled us to invest almost £2 billion in 2021 to further expand our pipeline of opportunities to support future growth. This pipeline, alongside the high quality of our existing portfolio, the compounding effect of rental growth and the strong start we have made in 2022, gives us continued confidence in our ability to drive further sustainable growth in earnings and dividends over the coming years.”

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