Standard Life bests All-Share average return

Guernsey based firm, Standard Life Investments said that stronger than anticipated valuation increases and successful asset management brought about a total net asset value return of 6.6% in the first half of the year.

Standard Life reported a return on shares of 6.0% for the period, above the FTSE All-Share average 5.5% and the FTSE All-Share REIT median at 3.5%.

The firm also said it had continued to reduce gearing as funds from the £22.3m worth of sales it made in the half were used to reduce loan-to-value (LTV) down to 19.9% from 26% as of 31 December.

SLI issued just over 8m new shares in the half, generating £6.9m for the company's investment portfolio.

Chairman, Robert Peto said, the "portfolio still produces an above benchmark income return which, combined with a strong tenant base and strong rent collection profile, underpins the company’s attractive dividend yield in a world where income is still very much in demand. With a debt structure that remains prudent while providing the resource and flexibility to act quickly should opportunities arise and an Investment Manager which has a proven track record of delivering above benchmark returns, I continue to believe that your company is well placed to meet the challenges that lie ahead."

As of 0833 BST, shares had not moved, sitting at 89.00p