Overview of the six-month period

The first six months of our 2024 financial year (1H24) has been characterised by focused efforts to integrate the Group internationally following the internalisation transaction; strong operational performances from the underlying Group portfolios; and continued uncertainty in the global economic and interest rate environment.


Interim results highlights

Burstone has released its results for the six months ended 30 September 2023. A webcast and conference call was held on, 16 November 2023. Further information is provided below.
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Key interim highlights

Highlights for the period include:
  • Successfully completed the internalisation of the business in July 2023, and consequently rebranded as the Burstone Group in September 2023.

  • Significant strides made in integrating the business across the Group’s South African, European and Australian platforms.

  • Achieved strong operational performances in the South African and European portfolios:

    - The South African portfolio remains stable and achieved marginal like-for-like NPI growth against a persistently challenging economic backdrop.

    - The European PEL portfolio captured strong growth in contracted rent and benefited from cost savings initiatives.

  • As expected, results were adversely impacted by higher funding costs which occurred in the second half of the prior year.

  • Results were therefore in line with the Group’s expectations, with DIPS declining by 5.0% to 51.07cps (Sep 22: 53.78cps).

  • The Group maintains its previous guidance and expects to deliver DIPS growth of 0% to 2% in FY24. This equates to expected growth in DIPS of 5% to 9% in 2H24.

  • 95% dividend payout ratio with an interim dividend of 48.52cps (Sep-22: 51.09cps).

  • The balance sheet remains healthy, with a defined plan to decrease LTV over time (Sep-23: 43%). The Group has low near-term refinancing risk and interest rate risk has been effectively managed

Looking for a previous year?

Information on our prior results announcements and reports can be found here

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