22nd May 2019 09:02
LONDON (Alliance News) - Great Portland Estates PLC said Wednesday its profit fell in its recently ended financial year, as revenue more than halved on a sharp drop in home sales.
Pretax profit for the 12 months to the end of March was GBP56.1 million, down 27% from GBP76.7 million the year before, on a lower surplus from investment properties of GBP7.3 million from GBP35.5 million.
Net rental income also declined to GBP80.3 million from GBP92.0 million, while revenue dropped sharply to GBP112.4 million from GBP386.9 million, due to the non-repeat of a gain of GBP262.3 million made from the sale of residential units within the mixed-use scheme at Rathbone Square in the 2018 financial year.
Great Portland's net asset value per share as at the end of March was 853.0 pence per share, up 1.0% from 845.0p the same date the prior year.
Great Portland's total portfolio value including joint ventures declined to GBP2.58 billion from GBP2.79 billion the year before.
The group declared a final dividend of 7.9 pence per share, taking the total payout to 12.2p, up 8.0% from 11.3p the prior year.
"Whilst we can expect political and possibly economic turbulence over the year ahead, we remain convinced of the long-term, enduring appeal of our capital city and its property markets to businesses and investors alike. With our clear strategy, exciting portfolio and talented team, supported by our collaborative culture, deep market knowledge and financial strength, we have the capacity to choose our path to maximise returns for shareholders and we look to our future with confidence," said Chief Executive Toby Courtauld.
Shares in Great Portland Estates were down 0.1% at 765.20 pence on Wednesday.
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