London's resilience boosts Shaftesbury

Shaftesbury, which owns property in London's iconic West End, said the buoyant local economy had helped boost its full year results.The company said unadjusted diluted net asset value per share had increased by 10.8% to £4.19 in the year to the end of September.It added that continuing good tenant demand for its properties was reflected in like-for-like rental growth of 7.5% and high levels of occupancy.The firm announced a final dividend of 5.75p per share, bringing the total pay out for the year to 11.25p, a 9.8% increase over last year.Adjusted pre-tax profits were £29.2m for the year, compared with £22.3m in 2010, an increase of 30.9%.Group rental income increased to £75.4m, a rise of £9.7m of which £7.6m was in its wholly owned portfolio.Chairman John Manser said that in contrast to the considerable uncertainty surrounding the outlook for Western economies and the global economy generally, London continued to prosper and grow."Its resilience reflects London's status as the leading tourist and global financial centre and the largest city in Europe," he said.Whilst London and the West End could not be completely immune from global economic concerns, the firm's portfolio continued to flourish, underwritten by London's unique features and attractions, Manser said.