StockMarketWire.com - Derwent reported an uptick in profits on the back higher net rental income and an increased in the value of its property portfolio in the first half of the year.

For the 6 months to 31 March, earnings -- stated as EPRA net asset value per share -- rose 3.7% to 3,852p a share from a year earlier with total return up 3.3% from 3.1% a year earlier.

The company's portfolio was valued at £5.4bn, an underlying increase of 1.9% in the first of 2019.

The interim dividend was raised 9.9% to 21.00p from 19.10p per share in 2018.

The company said the investment market activity had fallen this year and may remain subdued during a period of heightened political and economic uncertainty especially in relation to Brexit.

Looking ahead, the company said it continued to expect estimated rental value growth on its portfolio in the range of 1% to -2% and for yields to remain firm in 2019.

In a separate statement, the company said it had exchanged contracts to sell the freehold of The Buckley Building, 49 Clerkenwell Green EC1 to clients of CBRE Global Investors for £103.0m before costs.

The 85,100 sq ft office building was producing a 'topped-up' income of £4.87m, representing a net yield to the purchaser of 4.43%.

The disposal price net of costs and potential top-ups is £99.6m, 4.8% above December 2018 book value, the company added.

At 8:09am: [LON:DNL] Diurnal Group Plc share price was 0p at 39p



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