StockMarketWire.com - Great Portland Estates reported a slide in pre-tax profits as a fall in rental income dented revenues.



For the year ended 31 March 2019, pre-tax profit fell 26.9% to £56.1m, and revenues slipped 71% to £112.4m.

Earnings per share -- stated as EPRA -- fell 19.2% to £53.7m, which company blamed on lower rental income as a result of its recent property disposals.

EPRA NAV per share of 853 pence, was up 1.0% for the year, with net assets of £2,309.7m.

The drop in rental income was predominantly due to 'the six commercial sales completed during the year offset by another strong leasing year,' the company said.

But rent roll was up 6.2% to £100.4m and the portfolio valuation was up 0.2% after falling 0.4% in the second half of the year.

The company secured 78 new lettings, with market lettings 6.9% above March 2018 estimate rental value.

Total dividend per share of 12.2 pence, up 8.0% on 2018, including final dividend of 7.9 pence, up 8.2%

Looking ahead, the rental value growth guidance for the new financial year was expected in the range of 1.5% to -2.0%.

'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,' the company said.




At 8:56am: [LON:GPOR] Great Portland Estates PLC share price was -1.8p at 764.4p



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