Business
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 0758P Derwent London PLC 14 August 2014 \n \n\n \n14 August 2014 \nDerwent London plc (\"Derwent London\"/ \"the Group\")\nINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2014\nPORTFOLIO OUTPERFORMING WITH STRONG OCCUPIER DEMAND\n \nFinancial highlights\n· EPRA net asset value per share increased by 13.6% to 2,572p from 2,264p at 31 December 2013 and by 25.2% from June 2013\n· EPRA profit before tax was £32.0m, an increase of 14.3% from £28.0m in June 2013\n· EPRA earnings per share were 29.15p, an increase of 12.3% from 25.95p in June 2013 \n· Interim dividend per share of 11.65p, an increase of 8.4% from 10.75p in June 2013\n· Loan-to-value ratio reduced to 25.7% from 28.0% at 31 December 2013 \n· Undrawn committed facilities of £364m at June 2014 up from £283m at December 2013\n \nPerformance\n· Valuation uplift of 10.1% in H1 2014 (H2 2013: 7.6%; H1 2013: 4.7%) \n· Outperformed IPD Central London Office Capital Growth Index which was up 8.7%\n· Valuation uplift on the seven major projects on site was 11.9%\n· Underlying ERV increased by 4.2% (H2 2013: 3.0%; H1 2013: 2.6%)\n· Rents on H1 lettings 8.6% above December 2013 ERV, with open market lettings 17.3% above\n· ERV growth guidance raised for 2014 to 6-8% from 5-7% in February 2014\n· Portfolio reversion estimated at £83.0m of which 43% is contracted\n· True equivalent yield tightened by 26 bps to 5.02% \n· Sale of three properties for £68.1m in year to date at a 40.7% premium to December 2013 valuation\n \nProjects\n· Currently on site at seven projects totalling 626,000 sq ft with future capex of £155m \n· White Collar Factory EC1 and Tottenham Court Walk W1 commenced, totalling 333,000 sq ft\n· 1-2 Stephen Street W1: delivery of 84,000 sq ft offices in Q3 - 34% pre-let\n· ...