Half Year 2019 CLS Holdings PLC Earnings Call Transcript
Good morning, and welcome to CLS Holdings plc Half Year 2019 Results Presentation. I am Fredrik Widlund, Chief Executive; and to my right is our new CFO, Andrew Kirkman; and to my left is Simon Wigzell, Head of Group Property.
Today, we will present to you with the results for the first 6 months and give you an update on our markets and progress against our strategic goals.
Firstly, though, I would like to set the scene by giving you a high level overview of the first 6 months of the year. The company has continued to grow. And once again, our diversified portfolio in our 3 core markets have proven to be the key driver for sustainable results. Net rental income increased by 5.9% to GBP 53.8 million, up from GBP 50.8 million in the same period last year. This was primarily driven by acquisitions, but also from rental growth with ERVs growing 2% for the group in the 6-month period.
Our vacancy was slightly up at 4.2%, but well within our target of 5%, and with strong momentum, especially in Germany.
Valuations were
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