Business
Half Year results
Half Year results.
About this update from Great Portland Estates Plc
[{"type":"text","content":"\n \nRNS Number : 9867S Great Portland Estates PLC 14 November 2013 \n \n\n \n\n14 November 2013 \n \nHalf Year results \n \nThe Directors of Great Portland Estates plc announce the results for the Group for the six months ended 30 September 2013.\n \nHighlights1 for the six months:\n \nContinued growth in both capital and rental values, outperforming London market\n· Portfolio valuation up 6.7%2 since 31 March 2013 (developments: 15.8%2) and 3.3%2 in Q2\n· 12 month Total Property Return of 14.3% outperforming IPD's Central London index of 14.1%, driven by capital return of 11.0% vs 9.7% for IPD Central London (West End offices of 11.0% vs 10.0% for IPD) \n· Rental value growth of 3.6%2 (2.8% West End offices, 5.8% West End retail) vs 3.0% for IPD Central London \n \nStrong financial performance \n· Adjusted3 diluted NAV per share up 9.2% to 487 pence\n· Net assets of £1,668.3 million (31 March 2013: £1,537.7 million)\n· Adjusted3 profit before tax of £18.1 million, up 103.4% on 2012. Adjusted3 diluted EPS of 5.3 pence, up 82.8%\n· After revaluation surplus, reported profit before tax of £146.9 million (2012: £76.7 million) \n· Interim dividend per share of 3.4 pence, up 3.0%\n \nDevelopment programme delivering significant surpluses \n· 95 Wigmore Street, W1 completed (112,300 sq ft), profit on cost of 61.4%, office space 100% let\n· City Tower, EC2 completed (138,300 sq ft), profit on cost of 31.5% so far, good levels of tenant interest, top floor let at £60 per sq ft\n· 3 committed schemes (439,400 sq ft), 67% pre-let, expected profit on cost of 36.7%, completions from February 2014\n· &n...