Business
Interims Release 2009
Interims Release 2009.
About this update from Derwent London Plc
[{"type":"text","content":"\n RNS Number : 9312X Derwent London PLC 25 August 2009 \n \nEMBARGOED UNTIL 07.00 A.M. ON 25TH AUGUST 2009\n\n25 August 2009 \n\nDERWENT LONDON PLC \nInterim results for the six months ended 30 June 2009\nDERWENT LONDON ANNOUNCES STRONG FIRST HALF RESULTS\nDerwent London is pleased to announce a strong set of results for the six months to 30 June 2009 driven by rigorous operational management and its focus on London's West End office market.\n \nHighlights\n \n· Underlying recurring pre-tax profits up 72% to £29.7 million (H1 2008: £17.3 million) driven by enterprising portfolio management\n· Adjusted net asset value per share of 993p (31 December 2008: 1,226p)\n· Interim dividend maintained at 8.15p per share \n· Business model has remained effective with over £110 million of completed or contracted sales since year end\n· Continued outperformance against the IPD Central London Office Index reflecting Derwent London's mid-market focus in the West End (underlying valuation decline of the Group’s portfolio of 12% compared to 14% reduction in the referenced index)\n· Strong lettings performance with 14,400 sq m new lettings in the first half and a further 2,450 sq m since 1 July including 45 Whitfield Street announced today (1,130 sq m)\n· Reversionary portfolio with low vacancy rates (3.9%) \n· Significant financial headroom and the capacity to step up development activities to capture the upside potential of the next cycle\n \nJohn Burns, Chief Executive, commented: \n'During the first half, rigorous portfolio management helped drive a significant increase in recurring profits while our contin...