LONDON (dpa-AFX) - Shaftesbury Plc (SHB.L), a British real investment trust, on Tuesday posted a turnaround to profit for the full fiscal 2022 that reflected a revaluation gain and improved net property income.
Brian Bickell, Chief Executive, said: 'The year has seen a rapid rebound in the West End economy as Covid-related disruption receded and patterns of everyday activity returned to pre-pandemic normality. The sustained recovery in footfall and trading since the early months of 2022 has been matched by the strength of occupier demand in our carefully curated and popular locations.'
For the 12-month period to September 30, the London-headquartered firm posted a pre-tax income of 119.1 million pounds, compared with a loss of 194.9 million pounds of last year.
Post tax income was at 119.1 million pounds or 31 pence per share, compared with a loss of 194.9 million pounds or 52 pence per share of 2021. This was primarily due to 99.5 million pounds revaluation gain as against a 196.9 million pounds revaluation deficit in 2021. . Operating earnings stood at 147.8 million pounds as against a loss of 153.7 million pounds of last year.
Net property income moved up to 82.8 million pounds, versus 64.7 million pounds of previous year.
Shaftesbury generated revenue of 123.1 million pounds, higher than 112.7 million pounds, reported a year ago.
The Board has declared a second interim dividend of 5.1 pence per share, bringing dividends for the year to 9.9 pence per share. The second interim dividend will be paid on December 21.
The company has also reached deal with Capco to pay a further interim dividend of up to 2.7 pence per share with respect of the quarter to December 31, 2022, to be paid before the proposed merger becomes effective.
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