(Alliance News) - Derwent London PLC on Thursday said it swung to loss in 2020 amid lockdown restrictions associated with the coronavirus pandemic.
The property investment and development business focused on central London said net rental income of GBP174.3 million was down 2.1% on the prior year amid GBP14.2 million in impairment and write-offs.
Derwent said rent collection for 2020 now stands at 92%, plus 5% under agreed payment plans and 3% granted rent-frees.
The company said it swung to a pretax loss of GBP83.0 million from the GBP280.6 million profit recorded the year before. This is after its portfolio revaluation resulted in a GBP196.1 million deficit compared to a GBP156.4 million surplus a year prior.
EPRA net tangible assets were 3,812 pence per share, down 3.7% from 3,957p in December 2019. EPRA earnings were 99.2p per share, down 3.8% from 103.1p in 2019.
The company proposed a full year dividend of 74.45p per share from 72.45p paid for the year before, up 2.8%.
Going forward, Chief Executive Paul Williams said: "With our innovative brand of well-designed, adaptable offices and our continued focus on responding to climate change, I believe Derwent London is well positioned to meet the changes in the modern workplace."
FTSE 250-listed Derwent shares were trading 0.2% higher in London on Thursday at 3,318.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Derwent London (DLN)