Shaftesbury deliver “resilient performance” despite net profit decrease

London real estate firm Shaftesbury PLC has increased income but seen a drop in net profits in the six months ending March 31 2019.

Despite net income rising by 5.2 per cent to £48.6m from £46.2m in 2018, the profit after tax has dropped 68.7 per cent year-on-year.

The firm, which has a portfolio of real estate over 15 acres in London’s West End, has attributed the profit plunge to a “lower combined net revaluation surplus in the current period”, but maintained that it has delivered a “resilient performance”.

Shaftesbury has also seen its EPRA earnings increase by 9.2 per cent to £27.3m, and a portfolio valuation growth of 0.3 per cent.

Chief executive Brian Bickell commented: “The resilient performance over the period demonstrates both the exceptional qualities of our portfolio, located in the heart of London’s West End, and our proven long-term strategy.

“We continue to deliver increases in current and potential rental income, which have underpinned growth in our earnings and dividends, and the stability of our net asset value.

“Whilst macro uncertainties are likely to dominate the national mood for some time to come, we believe the medium to long-term outlook for London and the West End remains strongly positive, driven by their international appeal, broad economic base and dynamism.”

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