StockMarketWire.com - Derwent London reported lettings rose to record £41.5m for the 12 months to the end of December.

EPRA net asset value per share increased 4.6% to 3,716p from 3,551p at 31 December 2016, 3.7% increase from 3,582p at 30 June 2017.

Net rental income increased 10.4% to £161.1m from £145.9m in 2016 and EPRA earnings rose 22.5% to £105m from £85.7m last year.

EPRA earnings per share increased 22.4% to 94.2p per share from 77p in 2016.

The proposed final dividend per share is up 10.1% to 42.4p, taking the full year dividend to 59.73p, up 14.1%. The group proposed a special dividend of 75p to be paid in June 2018.

The group said longer term demand will depend on the 'continuing strength of the London economy, the impact of the UK's final Brexit settlement and what actions the UK subsequently takes.'

The group estimates its average ERV growth will be +2% to -3% this year and property yields will be broadly stable.

Robbie Rayne, Chairman, said: 'We have had an exceptional year for lettings, increased EPRA earnings by 22.5%, achieved a total return of 7.7% and further improved our strong financial position. We continue to see attractive returns from investing in our pipeline and are proposing a 10.1% increase in the final dividend plus a special dividend of 75p per share.'


At 10:27am: [LON:DLN] Derwent London share price was +100.5p at 3009.5p



Story provided by StockMarketWire.com