StockMarketWire.com - London West End property investor Shaftesbury booked a 69% fall in first-half profit after it benefited less from property revaluations during the period.

Pre-tax profit fell to £38.7m, down from £123.7m on-year.

EPRA earnings, the company's preferred measure of performance, rose 9.2% to £27.3m, as net property income rose 5.2% to £48.6m.

Shaftesbury declared an interim dividend to 8.7p per share, up 4.8% on-year.

'The resilient performance over the period demonstrates both the exceptional qualities of our portfolio, located in the heart of London's West End, and our proven long-term strategy,' chief executive Brian Bickell said.

'We continue to deliver increases in current and potential rental income, which have underpinned growth in our earnings and dividends, and the stability of our net asset value.'

'Whilst macro uncertainties are likely to dominate the national mood for some time to come, we believe the medium to long-term outlook for London and the West End remains strongly positive, driven by their international appeal, broad economic base and dynamism.'

'With our unique portfolio, and a team which brings expertise, enterprise and innovation to managing our holdings, we are well-placed both to respond to short-term challenges and to benefit from London's long-established status as a truly global city destination for businesses and visitors.'








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