Business
INTERIM RESULTS FOR HALF YEAR ENDED 30 JUNE 2019
INTERIM RESULTS FOR HALF YEAR ENDED 30 JUNE 2019.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 3085I Derwent London PLC 08 August 2019 \n\n \n Derwent London plc (\"Derwent London\" / \"the Group\")\nINTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2019\nGOOD PROGRESS CONTINUES\n \nFinancial highlights \n· EPRA1 NAV 3,852p per share from 3,776p in December 2018, up 2.0% or 3.7% from June 2018\n· Total return 3.3% compared to 3.1% in H1 2018\n· Net rental income £86.3m, up 7.1% from H1 2018\n· Underlying1 earnings 51.34p per share against 51.77p in H1 2018 and 99.08p for full year 2018\n· IFRS earnings 118.09p per share versus 120.22p in H1 2018 and 199.33p for full year 2018\n· Interim dividend raised 9.9% to 21.00p from 19.10p per share in 2018\n· Issued £175m convertible bonds 2025 and repurchased £150m convertible bonds 2019\n· Interest cover 454% and LTV ratio of 17.6%\n· Weighted average debt maturity increased to 8.2 years with cash and undrawn facilities of £495m\n \nFirst half activity\n· New lettings totalling £18.1m, 7.5% above December 2018 estimated rental value (ERV)\n· Completion of Brunel Building, Paddington W2: 243,000 sq ft of which 98% let\n· 790,000 sq ft under development of which 59% is pre-let\n· Disposals of £76.9m (Group share), 6.9% above December 2018 book values\n \nSecond half activity to date\n· Q3 lettings to date £5.1m, in line with June 2019 ERV\n· Contracts exchanged to sell The Buckley Building EC1 for £103m, 4.8% above December 2018 values\n \nPortfolio update\n· Portfolio valued at £5.4bn, an underlying increase of 1.9% in H1 2019\n· Uplift on...