SHB.L Share News (SHB)

London focused landlord Shaftesbury reported a 5.3% hike in net asset value, increased rental income by 13% and named Brian Bickell as its new chief executive. The group, which rents out property primarily in London's West End, said adjusted diluted net asset value per share increased to 436p for the six months to 31 March compared with 383p a year earlier. Rental income for the period rose to £36.6m from £32.4m previously. Chairman John Manser commented, "Despite challenging trading conditions across much of the UK economy, visitor numbers and spending have remained buoyant in London's West End." "As we have experienced with the recent royal wedding, events such as the Olympics and the queen's diamond jubilee celebrations in 2012 will bring more visitors to London," he added. Current finance director Bickell will be appointed chief executive from 1 October at which time Jonathan Lane will become deputy chairman. Shaftesbury said it has started the search for a new FD. Adjusted pre-tax profit rose to £14m in the six-month period from £11.1m before. An interim dividend of 5.5p has been offered, up from 5p the same time last year.