LONDON (Alliance News) - Shaftesbury PLC on Tuesday reported a rise in revenue and profit in the first half, largely due to a revaluation surplus and improved property income.
Pretax profit for the six months to the end of March totalled GBP123.7 million, up from the GBP102.4 million reported for the same period the prior year.
Net property income increased to GBP46.2 million from GBP43.8 million, boosting revenue to GBP60.9 million from GBP54.9 million the year before.
The real estate investment trust saw a revaluation surplus at GBP97.6 million, a substantial increase from GBP61.6 million a year earlier. Property income also grew slightly year-on-year to GBP46.2 million from GBP43.8 million.
As a result, Shaftesbury lifted its interim dividend by 5.1% to 8.3 pence per share from 7.p paid in the first half of 2017.
During the period, Shaftesbury has continued to invest in its portfolio, it said, redeveloping and refurbishing 153,000 square feet of its portfolio in schemes, with capital expenditure totalling GBP14.9 million. The prior year, the company recorded capital expenditure of GBP20.0 million.
Portfolio value also rose 3.0% during the period to GBP3.9 billion. On the year-on-year basis, the company's portfolio valuation was 8.0% higher when compared to GBP3.5 billion in the first half of 2017.
"We are confident that our exceptional portfolio, located in the centre of one of the world's leading global cities, managed by an experienced and enthusiastic team and supported by robust finances, is well-placed to continue to deliver excellent long-term returns for shareholders," said Chief Executive Brian Bickell.
Shares in Shaftesbury were trading 0.05% higher at 990.50 pence each early on Tuesday.
