Business
Great Portland Estates Full Year Results 2016
Great Portland Estates Full Year Results 2016.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 1972Z Great Portland Estates PLC 25 May 2016 \n\n \nPress Release\n \n25 May 2016\n \nAnnual Results - successful strategy delivers more organic growth\n \nThe Directors of Great Portland Estates plc announce the results for the Group for the year to 31 March 2016.\nHighlights1 for the year:\n \nStrong capital value growth driven by rental growth and development profits - outperforming London market\n· Portfolio valuation up 14.7%1 in year (developments: 26.2%1) and 3.9%1 in H2\n· Rental value growth of 9.9%1 (10.6% offices, 7.7% retail); 2.6%1 in H2\n· 12 month capital return of 16.3% v 13.3% for IPD Central London Index, with Total Property Return of 18.9% v 16.7% for IPD Central London; 5 year capital return of 95.0% v 78.9% for IPD Central London\n \nExcellent financial performance - increased NAV, earnings and dividend\n· EPRA2 NAV per share of 847 pence (pre-SDLT increase: 857 pence), up 19.5% in year and 4.8% in H2\n· Net assets of £2,912.2 million (March 2015: £2,390.9 million)\n· EPRA2 profit before tax of £47.8 million, up 6.0% on 2015. EPRA2 EPS of 13.5 pence, up 6.3%\n· After revaluation surplus, reported profit before tax of £555.1 million (March 2015: £507.4 million)\n· Total dividend per share of 9.2 pence (2015: 9.0 pence), up 2.2%\n \nLargest ever development programme delivering surpluses - extensive and flexible pipeline of opportunity\n· Eight committed schemes (851,200 sq ft), 61% pre-let or pre-sold, expected profit on cost of 27.1%, 71% at east end of Oxford Street, all schemes due to complete by end of 2017\n· Good progress across two near-term schemes (311,800 sq ft), with planning application submitted at Oxford House, W1 and demolition commenced of the New Bond Street buildings at Hanover Square, W1\n· Total capex to come at committed and near-term development schemes of £428 million, 52% in next 12 months\n· Major development opportunity from 14 additional uncommitted pipeline schemes (1.4 million sq ft)\n· Total development programme of 2.6 million sq ft covering 59% of the existing portfolio, 81% in West End\n· Six current refurbishment projects (173,650 sq ft); further 318,00...