Profits at the firm that owns swathes of West End properties has more than tripled, beating forecasts and calming nerves around central London’s retail health.
Shaftesbury – which owns more than 300 retail properties in its 14.5 acre portfolio spanning Covent Garden, Soho and Chinatown – posted pre-tax profits of £301 million for the year ended September 30, a three-fold increase from £99 million the previous year.
Net asset value rose 7.2 per cent to £9.52 per share, up from £8.88 this time last year, while EPRA earnings per share grew 15.7 per cent.
The firm also announced a dividend increase of 8.8 per cent to 16p per share.
“It is pleasing to report another year of good progress and strong results, against a backdrop of economic uncertainty,” Shafesbury chief executive Brian Bickell said.
“The broad economic base of the West End, and its enduring global appeal to visitors and businesses, underpin its resilience and long-term prospects, providing a considerable degree of protection against national economic headwinds.
“This has been evident in the strength of our performance through different business cycles and operating environments in our 31-year history.
“Underwritten by the unique features of the West End, we are confident our strategy will continue our long record of growing our exceptional portfolio’s income and value, and, in turn, the returns we deliver to our shareholders.”