Latest news with #SarahJohnston
Yahoo
23-05-2025
- Business
- Yahoo
Picton Property Income Ltd (LSE:PCTN) Full Year 2025 Earnings Call Highlights: Strategic Shifts ...
Release Date: May 22, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Picton Property Income Ltd (LSE:PCTN) reported a profit after tax of 37 million and a total return of over 8% for the year. The company successfully reduced its office exposure by selling assets and reinvesting in industrial properties, which now make up 64% of the portfolio. Picton maintained a well-covered dividend, increasing it by 6% last year and announcing a further 3% increase post-year-end. The company launched a share buyback program, purchasing shares at a discount, which has been accretive to NAV and earnings. Picton's portfolio delivered a property return of over 7%, outperforming the wider market as measured by MSCI, marking the 12th consecutive year of better returns. The office sector within Picton's portfolio saw downward valuation movements, reflecting broader market trends. There is a degree of over-renting in the retail and leisure sector, with contracted rents slightly higher than market rents. Decision-making in the occupational market has slowed due to macroeconomic factors, impacting demand. The company faces income at risk due to expiries or breaks in the coming year, particularly in the office sector. Despite improvements, Picton still has 3.4 million of void space within its portfolio, indicating room for further occupancy enhancements. Warning! GuruFocus has detected 6 Warning Sign with LSE:PCTN. Q: What has been the impact on the occupational market since tariffs were announced, particularly on your industrial assets? A: Michael Morris, CEO: Decision-making has slowed slightly, with businesses being more cautious. However, demand from occupiers remains strong, and viewings are still happening. Our analysis shows minimal direct impact from tariffs on our occupiers, as most operate within the UK market rather than being export-import led. Q: What keeps you awake at night regarding the company's operations? A: Michael Morris, CEO: Not much, due to our strong debt book and low loan-to-value (LTV) ratio. We have a great team and a diverse occupier base, which reduces risk. Sarah Johnston, CFO, adds that their healthy cash balance and well-covered dividend provide further reassurance. Q: What are your thoughts on M&A activism in the listed real estate market? A: Michael Morris, CEO: Picton is an internally managed REIT, aligning the interests of the board, executive team, and employees with shareholders. We focus on our operations and have seen some peers disappear due to M&A activity. Our results speak for themselves, and every employee is a shareholder, benefiting from Picton's success. Q: How has the company managed its capital allocation, particularly regarding share buybacks? A: Michael Morris, CEO: We have continued our share buyback program due to the disconnect between the current share price and net asset value (NAV). This is seen as a good use of capital in the short term. Since March 31st, we have undertaken an additional 4 million in buybacks. Q: Can you elaborate on the company's strategy for improving occupancy and income profile? A: Michael Morris, CEO: We are focused on investing in the portfolio to capture reversion and improve occupancy, which currently stands at 94%. We aim to optimize income and value through opportunistic disposals and reinvestment for higher returns. Our recent refinancing provides us with the flexibility to pursue these strategies. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
CBS News
03-03-2025
- Climate
- CBS News
South Bay mountain community creates secondary evacuation route, saying county hasn't helped
As the climate changes, wildfire has become a constant worry, even in the dead of winter. People living in South Bay mountain communities are taking the issue seriously, including one group of homeowners in Los Gatos who had to create their own evacuation route. There is only one way in and out of the Aldercroft Heights neighborhood, so when the lightning began striking that started the massive CZU Complex inferno, some of the spot fires began near Aldercroft. "And so, while they got those ones out and it never became part of the main fire, we realized that there was no reason that what happened in Boulder Creek and those areas. There's no reason that couldn't happen here," said Aldercroft Heights homeowner Sarah Johnston. But that wasn't the first fire to threaten the heavily forested neighborhood. In 1985, the Lexington fire also came dangerously close to the same area. Harold Schapelhouman remembers it well. "I was a brand new firefighter," he said. "That was our first campaign fire. We had the wrong engine, the wrong hose, we didn't have the right tools." Now a retired Menlo Park fire chief, Schapelhouman said they learned a lot of lessons, including the importance of having planned evacuation routes for the public. "Many counties and agencies have taken that very seriously on their own and are doing that already," he said. "Why that's not being done in Santa Clara County is, actually, I was surprised that it wasn't." It's supposed to be state law. Assembly Bill 747 went into effect in 2022, requiring cities and counties to identify evacuation routes in case of a natural disaster. It's supposed to be finished by now, but the Aldercroft neighbors say they have gotten no help from Santa Clara County in establishing a secondary way out of the development. "Even if you go to their website, they don't have phone numbers. They don't have links to email addresses," said homeowner Scott Schreiman. "They sort of have the people's names but you have no idea how to get ahold of them. They seem to actively not want to be contacted. They know us. We're easy to find. They haven't come to us for anything." So, the residents organized themselves into a "FireWise" community and, all on their own, came up with a secondary route out of the neighborhood that begins at a locked gate topped with razor wire at the end of Aldercroft Heights Road. The road beyond is the property of the local water company, which heavily guards access to the area. "We really had to push to make sure that we could use this as a second way out during the CZU Complex fire.," said Johnston. The company agreed to open the gate on Red Flag Days when a wildfire is a threat and it even posted evacuation route signs. They even had a practice evacuation for the neighborhood and it became clear that the largely unpaved road may be a challenge in the event of a mass exodus. So, at this point, the residents are asking the county to fork over the money to have the mile-long road paved. "Evacuation routes are really important, and we've been trying to persuade the county to make a bigger investment in this," said Schreiman. And of course, having a way to contact them would help.
Yahoo
17-02-2025
- Business
- Yahoo
Council tax rise of 4.99pc set to be rubber stamped in Greater Manchester town
Households in Wigan are set to be hit with a 4.99 per cent council tax increase when the council's cabinet rubber stamps its budget on Thursday (February 20). The levy for residents will see the council bridge a budget gap of £7.6m to run its services. A report from director of finance and legal Sarah Johnston says that Wigan has received total grant funding from central government of £141.2m in its support settlement for the 2025/26 financial year, a rise of £26.4m from this year's figure of £114.2m. READ MORE: Kensington Palace issue unprecedented statement in defence of Princess Kate READ MORE: Live updates as 'police incident' at Victoria Station leaves trams unable to stop Her report also shows that Wigan received £7m of the Labour Government's £600m recovery grant for English councils - aimed at helping struggling local authorities. Ms Johnston writes: 'Although there has been welcome additional funding for 2025/26, this does not cover the compounded effect of real-term cuts over the past 15 years and does not cover the scale of demand-led pressures which require investment. The council must reshape its budget allocations to meet these challenges." The report also says that further savings of £13.3m an £12.5m will be required in the years 2026/27 and 2027/28 respectively. However, it also says that there has been 'no reliance' by Wigan on its cash reserves - typically used for emergencies - in the 2025/26 budget. Meanwhile, the Government is consulting on 'fundamental funding reform' for local government and says there is 'a higher weighting' for deprivation in its recovery grant, which Ms Johnston says 'signals the intended direction of travel'. There is also a commitment to a reset of the business rates system. In 2025/26, Wigan will raise £131.7m from business rates, the total from council tax will be £153.2m which adds up to funding of £285m. Staff pay deals and chancellor Rachel Reeves' National Insurance hike for employers will cost the council £11m, but the council will make £4m savings on energy, Ms Johnston's report says. Many charges for council services and facilities will also rise. Examples include hourly charges on most council car parks will rise by at least 10p and there will there will be increases in what schools pay per hour per pupil for the teaching of musical instruments from £39 to £44. The yearly hire of orchestral string instruments will also rise from £42 to £50. The cost to dog owners for being reunited with their animal from point of pick up will rise from £50 to £51 and from £68 to £69.50, if it is claimed within 24 hours from the kennels. Thereafter they will be charged £14.40 per day up to a maximum of seven days from the kennels. The cost of cremations for adults will rise from £881 to £896 during the week and from £1,226 to £1,344 at the weekend. New 240 litre black and recycling bins, including delivery, will go up in price from £50 to £51 and the cost of a full set of bins will rise from £160 to £163.
The Independent
05-02-2025
- The Independent
Judge clapped as paedophile jailed for 28 years
A former ice hockey player and TV extra has been jailed for 28 years for the rape and sexual abuse of seven girls. Victims of Philip Hamer clapped the judge and burst into tears in the public gallery at Manchester Crown Court as the defendant was jailed for 41 sexual offences. Hamer, 34, who had been a professional hockey player and a bit-part actor on TV soaps, had a 'wholly distorted view of children as sexual objects', the court heard. These were no relationships - you manipulated and groomed these young girls, inexperienced and impressionable as they were, in a way that was controlling and coercive Judge Sarah Johnston He was attracted to girls in their early to mid-teens, using social media including Snapchat and Instagram to target and make contact with his victims, manipulating and grooming the girls before sexually abusing them. He was 20 when he groomed his first victim, aged 14, through Facebook in 2010 and went on to groom an 11-year-old, when he was aged 27, through Snapchat. Hamer, of Birchfield Drive, Worsley, Greater Manchester, had admitted 20 offences but denied others, claiming one victim was 'wanton' and 'sexually experienced'. But he was found guilty by a jury of a further 21 offences after a trial ending in November. Jailing him for 28 years, with an extended licence period of eight years, Judge Sarah Johnston told the defendant: 'These were no relationships – you manipulated and groomed these young girls, inexperienced and impressionable as they were, in a way that was controlling and coercive. 'Your offending is both opportunistic and actively seeking out, manipulating, grooming, exploiting and the abuse of female children, mostly teens but including a child as young as 11.' I have never had a successful relationship because of my trauma. It's completely messed up my whole life Victim of Hamer Victim impact statements detailed the trauma of the 'lost innocence' of youngsters he abused, some still having therapy or suffering issues with alcohol and self-harm. One woman said: 'I have never had a successful relationship because of my trauma. It's completely messed up my whole life,' while another said: 'I pray you find God.' Hamer would send unsolicited pictures and incited his victims to send him hundreds of pictures and videos, his sexual desires often involving school uniforms, his trial heard. He often used his car to take his victims to isolated places where the abuse took place. One victim feared that Hamer may disclose the pictures to others or come to their home. Police also later found voyeuristic videos and pictures taken by Hamer of women in changing rooms who were not aware they were being filmed. Allegations were made against him in 2011 and he was 'spoken to', the court heard, but no police investigation was launched until one victim came forward in 2023. His phone was seized which contained 'trophy images' of sexual abuse, revealing him to be a prolific offender as detectives traced further victims. Hamer was convicted of 41 offences between 2010 and 2023: nine counts of sexual activity with a child, sexual communication with a child, two counts of meeting a child after sexual grooming, one count of engaging in sexual activity in the presence of a child, seven counts of taking indecent photos of a child, one count of taking voyeurism images, eight counts of rape, six counts of causing or inciting a child to engage in sexual activity, four counts of assault by penetration and two sexual assaults.
BBC News
05-02-2025
- BBC News
Victims clap as paedophile ex-hockey player jailed for 28 years
A "controlling" former ice hockey player and TV extra, who raped and sexually abused seven girls, has been jailed for 28 Hamer from Worsley in Salford, used social media to target and groom children as young as 11 between 2010 and 34-year-old, a bit-part actor on TV soaps, was found guilty of 21 sexual offences after a trial, having previously admitted to 20 others. His victims clapped the judge and burst into tears in the public gallery at Manchester Crown Court as the defendant was sentenced. Hamer's offences included rape, sexual activity with a child, sexual communication with a child, grooming, and taking indecent images. He was 20 when he groomed his first victim, aged 14, through Facebook in 2010 and went on to groom an 11-year-old, when he was aged 27, through Snapchat, the court heard."These were no relationships - you manipulated and groomed these young girls, inexperienced and impressionable as they were, in a way that was controlling and coercive," Judge Sarah Johnston told Harmer. 'Wholly distorted' Hamer would send unsolicited pictures and incited his victims to send hundreds of pictures and videos, his sexual desires often involving school uniforms, his trial often used his car to take his victims to isolated places where the abuse took court heard he had a "wholly distorted view of children as sexual objects", and was attracted to girls in their early to victim feared that Hamer may disclose the pictures to others or come to their were made against him in 2011 and he was "spoken to", the court heard, but no police investigation was launched until one victim came forward in phone was seized which contained "trophy images" of sexual abuse, revealing him to be a prolific offender as detectives traced further had admitted 20 offences but denied others, claiming one victim was "wanton" and "sexually experienced".But he was found guilty by a jury of a further 21 offences after a trial ending in November. Statements from victims detailed the trauma of their "lost innocence", some continue to have therapy to come to terms with what has happened and others spoke of their issues with alcohol and woman said: "I have never had a successful relationship because of my trauma. "It's completely messed up my whole life," while another said to Hamer: "I pray you find God."He was jailed and given an extended licence period of eight years. Listen to the best of BBC Radio Manchester on Sounds and follow BBC Manchester on Facebook, X, and Instagram and watch BBC North West Tonight on BBC iPlayer.
