Segro profits surge due to coronavirus ‘accelerating adoption’ of ecommerce

Warehousing, supply chain

Warehousing group Segro reported a surge in pre-tax profits for the first half of the year, driven by the effects of the coronavirus pushing more consumers to ecommerce.

For the six months to June 30, 2020 Segro reported a 6.5% increase in adjusted profit before tax to £140.4m and also saw a 0.7% increase in the overall value of its portfolio to £11.2bn.

During the period the group also raised over £1bn in new equity and debt financing and invested around £631m net on new acquisitions, developments and land purchases.

Segro also reported securing £33.7m of new headline rent for the period, and said that 64% of its new developments had already been pre-leased as of June 30.

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