First half profit rises at Shaftesbury

London West end property owner Shaftesbury booked higher first half profit, lifted net asset value per share and said it is confident in its future prospects.

The FTSE 250 firm, which owns 13 acres in London's West End with over 500 properties in and around Carnaby, Covent Garden, Chinatown, Soho and Charlotte Street, said unadjusted pre-tax profit rose to £81.8m in the six months to March 31st from £38.1m last year.

Adjusted diluted net asset value per share increased 5% to £5.23 while net property income rose to £35.9m from £35.5m. An interim dividend of 6.25p a share has been proposed, up from 5.95p.

Chief Executive Brian Bickell commented: "London's status as a global destination brings world-wide interest, leading to prosperity and stability which is not reliant on the wider UK economy."

"As we anticipated, growth in our rental income is tempered this year as a result of the unusually high level of refurbishment and development activity across our portfolio. With sustained good demand across all our uses, we expect these valuable projects will let well on completion and make an important contribution to our revenue growth."

Bickell added: "With a strong and resilient local economy, and our long established and proven management strategies, we are confident in the prospects for sustained income and capital growth from our unique and centrally-located portfolio in the years ahead."

Shaftesbury said it is confident in the prospects for sustained income and capital growth from its portfolio in the years ahead.

CJ