Kennedy-Wilson Reports Revenue Growth and Increased Gross Profit

By Bobby Samwell • Wednesday, August 28 07:55 • Permanent Link

Kennedy Wilson Europe Real Estate Limited has released its condensed consolidated financial statements for the six-month period ending on June 30, 2024. The company's revenue from rental income and hotel revenue saw a significant increase, reaching £62.0 million, up from £81.1 million in the same period in 2023. Gross profit also saw an increase, rising to £36.3 million from £42.1 million in the previous period.

However, the company reported a loss on the sale of investment and development property of £4.6 million, compared to £2.7 million in the same period last year. Additionally, there was a net change in the fair value of investment and development property, resulting in a loss of £18.1 million, a significant improvement from the loss of £53.2 million reported in the prior period.

Expenses also decreased, with administrative expenses totaling £2.4 million, down from £2.5 million in the same period in 2023. Furthermore, the company reported a loss before taxation of £19.1 million, compared to £22.7 million in the previous period.

In terms of the balance sheet, the company's non-current assets totaled £1,356.3 million, down from £1,434.3 million in the previous period. However, its current assets increased to £521.9 million from £551.4 million in the same period in 2023. The company also reported a decrease in current liabilities, which amounted to £253.6 million, down from £290.5 million in the previous period.

The company's net assets totaled £815.8 million, a slight decrease from £852.9 million in the same period last year. The condensed consolidated statement of changes in equity shows that the company reported a loss for the period after taxation of £30.6 million, compared to a loss of £27.8 million in the previous period.

In terms of cash flow, the company reported a net increase in cash and cash equivalents of £30.4 million, a significant improvement from the net decrease of £132.0 million reported in the same period in 2023.

These financial results indicate both positive and negative changes compared to the same period in 2023, reflecting the company's ongoing financial performance and position in the real estate market. As a result of these announcements, the company's shares have moved 1.1% on the market, and are now trading at a price of $11.1. For the full picture, make sure to review Kennedy-Wilson's 8-K report.

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