Business
Derwent London plc - UNAUDITED RESULTS
Derwent London plc - UNAUDITED RESULTS.
About this update from Derwent London Plc
[{"type":"text","content":"\n \n\n \n 10 August 2023\nDerwent London plc (\"Derwent London\" / \"the Group\")\nUNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023\nSTRONG LEASING ACTIVITY CONTINUES\n Paul Williams, Chief Executive of Derwent London, said:\n\"We delivered our second highest H1 lettings on record with momentum maintained into the second half as businesses continue to commit to our distinctive central London buildings and brand. With our strong balance sheet, we are well-positioned with the right product and pipeline to capture London's diverse demand, despite the uncertain economic outlook.\"\nLetting activity\n· H1 2023 lettings of £19.3m (228,000 sq ft); H2 lettings to date of £7.0m (81,200 sq ft); YTD average 8.3% above December 2022 ERV\n· Key transactions in the year to date include:\no PIMCO (106,100 sq ft in H1) and Moelis (49,200 sq ft in H2) at 25 Baker Street W1; commercial 76% pre-let\no Buro Happold (31,100 sq ft in H1) and Tide (14,400 sq ft in H2) at The Featherstone Building EC1; 70% let\no Uniqlo (22,200 sq ft in H1) at One Oxford Street W1; retail 70% let\nFinancial highlights\n· EPRA1 net tangible assets 3,444p per share, down 5.2% from 3,632p at 31 December 2022\n· Gross rental income of £105.9m, up 3.9% from £101.9m (restated) in H1 2022\n· EPRA1 earnings £55.6m or 49.5p per share, down 7.0% from 53.2p (restated) in H1 2022\n· IFRS loss before tax of £143.1m from a profit of £137.1m in H1 2022\n· First half dividend of 24.5p, up 2.1% from 24.0p\n· Total return -3.7% from +3.0% in H1 2022\n· Interest cover remains high at 411% (H1 2022: 419%) and EPRA1 loan-to-value ratio low at 25.0% (31 December 2022: 23.9%)\n· Net debt of £1,274.0m, a marginal increase compared to £1,257.2m at 31 December 2022\n· Undrawn facilities and unrestricted cash of £562m\nPortfolio highlights\n· ...