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Interim Results

Shaftesbury lifts H1 after-tax profit, dividend

23 May 2017 07:24

Shaftesbury has lifted its H1 after-tax profit, dividend and EPRA net asset value (NAV) per share.

"This has been another busy period for Shaftesbury, with the benefit of asset management activity across the portfolio and last year's refinancing initiatives delivering growth in earnings, the interim dividend and portfolio value," said CEO Brian Bickell.

"Across our portfolio, the data we collect is showing a clear trend of year-on-year turnover growth for our restaurant, leisure and retail tenants, reflecting the buoyancy of the West End's economy," he added.

"Occupier demand for these uses, and our office and residential space, is good and vacancy levels remain low."

After-tax profit for the six months was £102.4m, up from £80.1m. Interim dividend was 7.9p a share, up from 7.15p.

EPRA net assets totalled £2.55bn, up from £2.48bn. EPRA NAV per share was 9.12p, up from 8.88p.

Looking ahead, Bickell noted that the UK faced a period of uncertainty as it negotiated its exit from the EU.

"Whilst this brings a risk of lower business and consumer confidence, we expect the West End, underpinned by its wide appeal and dynamic economy, will maintain its long record of resilience.

"Our exceptional portfolio, located in its most popular destinations, continues to flourish.

"With the benefit of our forensic local knowledge and enterprising management, we are confident it will continue to deliver sustained long-term growth in income, capital values and returns to shareholders."

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