- Derwent reported a fall in pre-tax profits as lower uplifts on revaluation and disposals hurt performance.

For the 12 months to 31 December, pre-tax profits fell to £221.6m from £314.8m a year earlier, while net property and other income rose 12.8% to £185.9m.

Earnings per share - stated as EPRA per share – rose to 113.1p from 94.2p a year earlier.

New lettings totalled £26.8m, achieving 4.1% above the prior year's estimated rental value.

The company reported a revaluation surplus of £83.4m, down from £147.9m a year earlier.

Derwent London delivered a total return of 5.3%.

The company raised its final dividend by 10.2% to 46.75p per share, taking the full year dividend to 65.85p per share, up from 59.73p last year.

'Assuming demand is maintained, we expect the London office market will follow a similar pattern to last year so, for 2019, we estimate our ERV growth at +1% to -2%, with stable investment yields,' the company said.

At 8:42am: [LON:DLN] Derwent London share price was +21p at 3284p

Story provided by