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(Alliance News) - Shaftesbury Capital PLC on Thursday reported its profit tumbled by two thirds in 2024, reflecting a one-off gain a year before.
The real estate investment trust was formed from the merger of Capital & Counties Properties PLC and Shaftesbury PLC in March 2023.
Pretax profit plunged 66% to GBP252.4 million in 2024 from GBP750.6 million in 2023.
In 2023, Shaftesbury booked a gain on bargain purchase of GBP805.5 million, compared to none in 2024.
Full-year revenue was GBP227.1 million, up 16% from GBP195.1 million.
Footfall across the group's prime West End portfolio was "high", and customer sales were up 3.1% year-on-year.
Shaftesbury boosted its final dividend to 1.8 pence per share, up 9.1% from 1.65p. this brought the total payout up 11% to 3.5p, from 3.15p.
"We are delighted to deliver a strong set of results for 2024," Shaftesbury Chief Executive Officer Ian Hawksworth said. "Our West End estates continue to be busy and vibrant with high footfall and customer sales growth."
Looking ahead, Shaftesbury said it is confident in the growth prospects of its West End portfolio, with footfall high, customer sales growing, vacancy rate limited and leasing pipeline remaining strong.
Shaftesbury shares fell 0.1% to 125.10 pence each on Thursday in London, while they were 0.1% higher at ZAR29.04 each in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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