StockMarketWire.com - Shaftesbury, a property company focused on London's West End, lifted its annual dividend by 5.4% after increased rental income helped it boost its underlying earnings.

Pre-tax profit for the year through September dropped shartply to £26.0m, down from £175.5m on-year, due to asset revaluation deficits.

EPRA earnings, an underlying measure of performance preferred by the company, rose 5.6% to £54.6m, while net property income rose 4.5% to £98.0m.

Shaftesbury declared a final dividend of 9.0p per share, up 5.9% on-year, bringing the total dividend for the year to 17.7p, up 5.4% on-year.

'In a year dominated by domestic political uncertainties and a slowing national economy, the qualities of our portfolio, business model and proven strategy, together, have delivered a resilient performance,' chief executive Brian Bickell said.

'Our skill in curating distinctive, prosperous destinations, which combine authentic experiences and innovative choices, is complemented by our long experience in continually adapting our buildings to meet trends in demand, occupier requirements and stringent environmental standards.'

'Our proven strategy, an impossible-to-replicate resilient portfolio, stable long-term financing and, most importantly, an experienced, enthusiastic and entrepreneurial team, guided by a responsible culture and embedded values, together provide the ingredients for the continued long-term success of this business.'






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