LONDON (dpa-AFX) - Great Portland Estates Plc. (GPOR.L) reported that its IFRS profit after tax for the year ended 31 March 2020 rose to 51.8 million pounds or 20.0 pence per share from 49.5 million pounds or 17.1 pence per share in the prior year.
EPRA EPS was 22.0 pence, an increase of 13.4% from last year. Cash EPS was 17.9 pence, up 4.7% from the previous year.
EPRA earnings were 57.0 million pounds, 6.1% higher than last year predominantly due to higher rental income and lower finance costs in joint ventures as a result of the full year impact of development completions and lower group property costs due to reduced vacancy in the portfolio.
Total revenues were 102.4 million pounds, down from 112.4 million pounds in the prior year.
The Board has declared a ?nal dividend of 7.9 pence per share, same with last year. It will be paid on 28 July 2020 to shareholders on the register on 29 May 2020.
Great Portland Estates also announces that Exane SA has pre-let 39,970 sq ft of office space in its development at 1 Newman Street and 70/88 Oxford Street, W1 as headquarters for its Exane BNP Paribas Cash Equities business.
Separately, Great Portland Estates commits to become a net zero carbon business by 2030.
The company said it will reduce energy and carbon intensity at our occupied properties by 40% and 69% respectively and embodied carbon in all our developments, refurbishments and fit-outs by 40% by 2030.
The company will create at least 10 million pounds of social value in its communities by 2030
In a separate press release, Great Portland Estates announced creation of GPE Covid-19 Community Fund that will be open to all GPE employees to contribute to and the Group will be matching contributions made by both GPE employees and Board members, up to a maximum of 250,000 pounds.
The company noted that the Fund will be seeded with more than 280,000 pounds raised through a combination of Board Director bonus reductions and fee waivers to the equivalent of at least 20% of salary or fees for 3 months, along with significant contributions from all the other GPE Executive Committee members, and Group matching.
It will be distributed to London based charities and other not for profit organisations which are being particularly impacted by Covid-19, focused on homelessness and other vulnerable groups, mental health & wellbeing and educational initiatives.
Copyright RTT News/dpa-AFX