London's West End
The West End landlord has announced pre-tax profits of £301m for the year ended 30 Sep, up from £99m the previous year.
Shaftesbury, the real estate investment trust and owner of a 14.5 acre property portfolio in the heart of London's West End, has recorded a three-fold rise in pre-tax profits.
The company’s latest results show pre-tax profits for the year increased to £301m, up from £99m for the same period last year, and basic earnings per share increased to 108.1p from 35.6p.
During the year, the company acquired seven properties at a total cost of £37.1m. These comprised four restaurants, two shops, one pub and 3,700 sq ft of office space, of which 2,300 sq ft has planning consent for residential use.
Shaftesbury also reported a better than expected performance by its retail division, which compromises 302 stores across the capital. The UK’s retail sector has gone through what has been quite a turbulent 12 months however the company has managed to weather the storm with ease.
Brian Bickell, chief executive, said: "It is pleasing to report another year of good progress and strong results, against a backdrop of economic uncertainty.
“The broad economic base of the West End, and its enduring global appeal to visitors and businesses, underpin its resilience and long-term prospects, providing a considerable degree of protection against national economic headwinds.
“This has been evident in the strength of our performance through different business cycles and operating environments in our 31-year history.
“Underwritten by the unique features of the West End, we are confident our strategy will continue our long record of growing our exceptional portfolio's income and value, and, in turn, the returns we deliver to our shareholders."
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