CLS Holdings PLC (LSE:CLI)

Full Year 2024 CLS Holdings PLC Earnings Call Transcript

Apr 1, 2025 / 07:30 AM GMT

Release Date Price: £0.648 (-7.69%)

Transcript

Key Points

Positve

CLS Holdings PLC (STU:838) achieved strong leasing momentum in the UK and Germany, marking the best performance since 2015.
Net rental income increased by 0.9% overall and 3.8% on a like-for-like basis, driven by indexations, new lettings, and other income.
The company completed all 2024 refinancings and made significant progress on 2025 refinancings, with 42 million completed in Q1.
CLS Holdings PLC (STU:838) has a diversified tenant base with over 50% of rent being index-linked, providing resilience in income.
The company is actively reducing vacancy rates, with significant leasing activities and refurbishments underway to enhance property value.

Negative

Valuations for the full year were down 5.8%, with significant declines in the UK market.
The dividend was halved to 5.28p per share to retain funds for future opportunities, reflecting increased financing costs.
The overall vacancy rate increased to 12.7% due to completed refurbishments, despite underlying vacancy falling to 10.6%.
CLS Holdings PLC (STU:838) faces higher financing costs, which have impacted EPRA earnings, down 10.7% year-on-year.
The UK market still has high vacancy rates, particularly in key properties like Prescott Street and The Code in Vauxhall.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CLSH.L - CLS Holdings PLC
Full Year 2024 CLS Holdings PLC Earnings Call
Apr 01, 2025 / 07:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning to everyone and welcome to Silla Holdings, Fu Year Results 2024 presentation.

Let me start with an introduction. I'm Frederick Vidland, chief executive, and next to me is our CFO, Andrew Kirkman.

This morning we will present you with the results for 2024 that we announced this morning.

If we move to the first slide on page 4, we will start with an overview of the year.

On the operational side, we had strong leasing momentum and delivered our best leasing performance in the UK and Germany since 2015.

The group signing 16.6 million of annual rent. This is up 7% on the previous year, and the leases signed were at 6.8% above ERVs.

Net rental income was up 0.9% or 3.8%

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