Business
Annual Results 2022
Annual Results 2022.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n 19 May 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Customer first approach delivers record leasing year and strong valuation growth\n \n \n \n \n \n \n \n \n The Directors of Great Portland Estates plc announce the results for the Group for the year ended 31 March 2022\n \n 1\n \n .\n \n \n Toby Courtauld, Chief Executive, said:\n \n \n \n We are pleased to report on a strong year, delivering record leasing volumes, well ahead of ERVs which, along with outstanding development returns, profitable disposals and accretive acquisitions, have combined to deliver healthy asset value growth.\n \n \n \n \n Whilst we expect macro-economic and geopolitical uncertainties to persist in the near term, dampening growth, the conditions we highlighted at our Interims in November and which had kick-started the post-pandemic recovery in London's economy and its property markets, remain in evidence today. London is substantially busier than this time last year with office workers and shoppers returning, Crossrail is about to open, job vacancies are rising and inward investment into income yielding real estate is up. Plus, we expect weaker sentiment and cost inflation in the short term, along with further tightening in the planning environment, to impact the appetite for development risk, choking off the supply of new office space, intensifying the already acute shortage as customers continue their flight to quality.\n \n \n \n \n Despite current uncertainties, our outlook is positive; through our Customer first approach, we are addressing today's key customer themes of flexibility, service delivery and amenity provision in well designed, tech-enabled and sustainable spaces; through our strategic focus on HQ and Flex spaces, we are investing in two of the fastest growing sectors of the office market and where we have a competitive advantage and significant ambition, including our £1.1 billion near-term development programme. With our strategic agility, strong balance sheet, plentiful liquidity and our motivated and engaged team, we have the ability to capitalise on London's potential and we look to our future with confidence.\n \n \n \n \n Strong valuation and rental value growth; positive guidance for new financial year\n \n \n \n ·\n Portfolio valuation, up 6.1%2 (...