Half Year 2023 CLS Holdings PLC Earnings Call Transcript
Good morning, and welcome to CLS Holdings plc Half Year Results 2023 presentation and Q&A. I'm Fredrik Widlund, Chief Executive; and next to me is Andrew Kirkman, CFO. Today, we will present you with results for the first 6 months of the year and give you an update on the portfolio. As we normally do, I will start with an overview of the period.
The period was characterized by inflation concerns and rising interest rates, which created an uncertain business environment that impacted leasing take-up. Nevertheless, CLS delivered strong net rental growth of 5.3% in the period from a combination of 2022 acquisitions, indexation and higher student and hotel income. EPRA EPS, however, was down 10.3% from increasing financing costs, offsetting the healthy growth in rents. This is, in many ways, a timing issue, and the variable part are debt book and immediate increase in financing costs while the rents adjust over time.
We have increased activity in the number of leases we signed compared to the same period last year and the new leases
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