(Alliance News) - Great Portland Estates PLC on Thursday said it is focusing on generation of long-term value from its business as its operational performance improved in the first half of its current financial year.
The FTSE 250-listed property development and investment company pretax profit of GBP44.4 million for the six months to the end of September compared to GBP40.4 million generated a year ago, as revenue rose to GBP54.4 million from GBP50.8 million.
Net asset value per share improved by 1.8% over the first half to 868 pence.
The London-headquartered company upped its interim dividend by 9.3% to 4.7p a share.
The value of Great Portland's portfolio grew by 0.8% during the period to GBP2.65 billion, including joint ventures, driven by committed developments and rental value growth of 1.0%. The company maintained its rental value growth guidance range for the full financial year at minus 2.0% to plus 1.5%.
The like-for-like rent roll was up 5.6% to GBP106.0 million, with total potential future growth of 45% to GBP153.3 million, Great Portland said.
"Our second half has started well, despite elevated levels of macro-economic and political uncertainty," said Chief Executive Toby Courtauld.
He added: "Our collaborative culture and focus on developing our experienced and talented team will enable us to maximise the opportunity we have to generate long-term value across our business."
Great Portland shares were trading 0.1% higher in London on Thursday at 770.40p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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