Essen, 27 November 2018: Today, Instone Real Estate Group AG published its quarterly statement for the third quarter of financial year 2018 and is very satisfied with its results over the last nine months.
Kruno Crepulja, CEO of Instone Real Estate: "We have successfully continued our positive business development. That has confirmed our outlook for revenue and results for the full year 2018."
In the first nine months of 2018, Group revenue rose to EUR 223.5 million. Adjusted group earnings before taxes (EBT) improved to EUR 12.3 million. Instone Real Estate was also able to increase significantly its operating performance, consisting of revenue and changes in inventories, to EUR 236.4 million, thereby exceeding the figure achieved in the previous year by more than 50%.
Significant growth of the project portfolio
The value of the project portfolio also increased further and on 30 September 2018 amounted to more than EUR 3.6 billion. It now includes more than 45 projects with a total of 8,924 residential units. This positive development is primarily due to the acquisition of new projects.
Our acquisition pipeline is well filled. Alongside a wide range of further potential projects, we have already signed purchase contracts or are in advanced exclusive negotiations for 15 new projects with an anticipated cumulative sales volume of over EUR 1.3 billion and roughly 4,000 residential units. We are therefore well on track to exceeding our annual target of acquiring projects with a future sales volume of between EUR 900 million and EUR 1 billion this year.
Outlook for revenue and earnings in financial year 2018 confirmed
The positive business development in the first nine months of the current year, and development in line with plans in the fourth quarter, confirm our outlook for revenue and earnings in financial year 2018. We continue to expect revenues of between EUR 370 million and EUR 400 million. With regard to adjusted group earnings before taxes (EBT), we also confirm our outlook of EUR 32 million to EUR 37 million.
The quarterly statement for the third quarter of financial year 2018 is available for download from the company's website via the following link: http://ir.en.instone.de/websites/instonereal/English/3100/berichte.html
Instone Real Estate
Tel.: +49 (0)201 45355-365
Instone Real Estate
c/o RUECKERCONSULT GmbH
Tel.: +49 (0)30 2844987-61