Redefine International has improved its H1 pretax profit to £42.0m, up from £8.4m a year earlier, but reduced its interim dividend.

Its revenue for the period was £50.6m, from £41.5m. EPRA net asset value per share was 40.4p, from 40.3p. Interim dividend was 1.3p a share, down from 1.625p.

"Against an uncertain backdrop, Redefine International has delivered a solid performance," said chairman Greg Clarke.

"Following a number of transactions, the portfolio is now well on the way to being successfully repositioned for future income growth, meaning we can look to the future with renewed confidence," he said.

At Feb. 28, Redefine's portfolio valuation, including JV share, was £1.46bn, down from £1.52bn.