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Icade: share up after strong annual results

( - Icade shares are in pole position in the SBF 120 on Monday after the group published annual results that were well warmly welcomed by investors.

This morning the real estate group reported a limited 5.4% decline in revenues to 1.4 billion euros, with net current cash flow of 358 million euros, a limited decline of 7.9%, which actually exceeded forecasts provided in October.

In a statement, its CEO Olivier Wigniolle mentioned "robust" annual results in a context of an exceptional health and economic crisis, a performance that, he says demonstrates the strength of the group's fundamentals and the relevance of its diversified model.

Despite the sudden halt in construction, demand remains strong, the company says, whose bookings and sales are up 8% and 15% respectively from one year to the next.

While the 2020 dividend is expected to remain stable at 4.01 euros per share, the dividend for 2021 is expected to increase by 3%, based on net current cash flow, which is also expected to increase by around 3% this year.

The share was up almost 5% on Monday morning, while the SBF 120 index is down over 1%. However, YTD its share price has fallen by almost 12%.

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