Business
Interim Results 2010
Interim Results 2010.
About this update from Derwent London Plc
[{"type":"text","content":"\n RNS Number : 5690R Derwent London PLC 25 August 2010 \n \n\n\n\n \n25 August 2010 \nDERWENT LONDON PLC \nInterim results for the six months ended 30 June 2010\nDERWENT LONDON ANNOUNCES STRONG INTERIM RESULTS\nDerwent London is pleased to announce a strong set of results for the six months ended 30 June 2010.\nHighlights \n· Adjusted net asset value per share increased 17% to 1,365p in the six months and 37% over the last 12 months (31 December 2009: 1,168p; 30 June 2009: 993p)\n· Portfolio revaluation increase of £199.8m (10.3%) following a 9.8% rise in the second half of 2009\n· Profit before tax of £216.4m (30 June 2009: loss of £223.3m)\n· Adjusted recurring profit before tax of £25.6m (30 June 2009: £27.8m) \n· Strong operational performance with 47 lettings totalling 11,700m2 (125,700 sq ft) at £3.5m p.a. in the first half and a further 8,100m2 (87,200 sq ft) let or under offer since 1 July at £1.9m p.a. including 690m2 (7,400 sq ft) at Charlotte Building, W1, announced today \n· Vacancy rate by rental value decreased to 2.2% at 30 June \n· Projects in progress of 37,400m2 (403,000 sq ft) including the 24,400m2 (263,000 sq ft) Angel Building \n· £409m of undrawn, committed bank facilities at 30 June 2010\n· Major West End acquisition in third quarter: 23,300m2 (251,000 sq ft) at Central Cross, London W1, for £146m with significant opportunities for future refurbishment and improvement\n· Interim dividend increased by 7.4% to 8.75p per share \n \nJohn Burns, Chief executive, commented: \n\"We are pleased to announce a strong set of results for the first six months of 2010. Since the half year further good letting progress has been made with 8,100m2 (87,200 sq ft) of floorspace either let or placed under offer at an annual rental income of £1.9m. In addition, we were pleased to complete the recent West End acquisition of Central Cross. This is an excellent addition to our central London portfolio which provides strong passing income together with opportunities for active management. \nOur lar...