Newriver Reit plc
NewRiver REIT plc owns and actively operates "Essential Everyday Destinations" in the UK — a portfolio of shopping centres, retail parks and town-centre retail assets let predominantly to needs-based, high-frequency retailers (grocery, value and convenience). The Group also operates Snozone, the UK's largest indoor ski-slope operator (Yorkshire, Milton Keynes and Madrid), and manages a capital-partnerships platform providing asset/development management services to third-party investors. FY26 was the first full year following the December 2024 acquisition of Capital & Regional plc, which materially scaled the portfolio and increased London exposure.
10 annual reports read, FY2017 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: FCA NSM (10)
FY2027Next report expected 23 Jun 2027
- Open the reportJSONComing soonSixty seconds on the FY2026 report
NewRiver REIT plc owns and runs UK shopping centres and retail parks let mainly to grocery, discount and convenience shops, and also operates Snozone indoor ski slopes. In the year to 31 March 2026, revenue rose to £131.0m from £90.5m, and profit after tax rose to £31.7m from £23.7m. This was the first full year after the company bought Capital & Regional plc in December 2024, which made the business much larger. New lettings were agreed at rents above previous levels. Against that, interest costs rose because of the extra debt. Profit was also held back by a one-off £3.6m loss on property sales and by several retailers going through restructurings. Cash at the year end was £115.5m, against borrowings of £438.3m. The company spent £36.1m buying back its own shares. The dividend for the year was 6.7p, slightly up on the year before. Management said its focus is now on growth and that it enters the new year in a stronger position. It also said earnings face a period of transition while its debt is refinanced. The auditor gave a clean opinion, and the directors raised no doubt about the company's ability to keep operating.
From the reportevery line sits on the page it namesWhat drove revenueRental income from Essential Everyday Destinations (shopping centres and retail parks let to grocery/value/convenience occupiers)
Portfolio of 39 shopping centres and 27 retail parks on balance sheet and via capital partnerships, collecting c.£200m of annual rent across c.3,000 tenancies
page 5AndLeasing activity and rental reversion ahead of ERV
318 leasing transactions in FY26 covering 930,700 sq ft securing £10.8m of annualised income, agreed at +8.5% ahead of ERV and +37.3% above previous passing rent
page 14What moved the margintailwindC&R acquisition cost synergies
£6.2m forward-look net cost synergies identified, in-line with guidance given at the time of the transaction; admin cost ratio reduced from 14.1% to 10.4% in FY26
page 35AndtailwindRent collection and occupancy
Rent collection of 99% and occupancy of 95.0%, tenant retention 93%
page 1One-offs in the year£200k charge: Exceptional costs relating to acquisition and integration of Ellandi
page 157What management saidCEO: "Our focus is now on growth... the leasing evidence supports our conviction that these assets can deliver consistent, compounding rental growth over time."
page 12After the year endIn April 2026 the Group secured a new unsecured £240 million facility (£120m Term Facility Commitment, £120m Revolving Credit Facility) to refinance the Mall Facility, maturing April 2030 with option to extend by three one-year terms, subject to lender approval; treated as a non-adjusting post balance sheet event with financial effect not reliably estimable at approval date
page 173The dividendPolicy to declare dividends equivalent to 80% of UFFO per annum, paid twice yearly; final dividend of 3.6p declared for FY26 (interim 3.1p), bringing total FY26 dividend to 6.7p (FY25: 6.5p), payable 7 August 2026, ex-div 18 June 2026; dividend paid as REIT Property Income Distribution (PID)
page 36Going concern and the auditDirectors concluded going concern basis is appropriate after reviewing current/projected financial position and reasonable worst-case scenarios; sufficient cash and liquidity reserves maintained throughout the three-year viability assessment period to 31 March 2029 even under stressed scenarios (further 19% valuation decline and 20% rental income reduction without breaching covenants). Auditor Forvis Mazars LLP issued an unqualified (unmodified) opinion on the FY26 financial statements
page 88The risks it names first- Macroeconomic risk — UK fiscal/monetary policy, interest rates, inflation and spending habits affecting investment demand and occupier/consumer spendp.75
- Political and regulatory risk — UK Government policy changes, political uncertainty affecting retail/leisure spendp.75
- Catastrophic external event — civil unrest, terrorism or pandemic disrupting markets and damaging assetsp.76
- Climate change strategy — failure to implement climate transition plan or adopt low-carbon technologies risking asset obsolescence and reputational damagep.77
Read from C000903-AR-2026-nsm.
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