Derwent London Plc (DLN.L) reported a marginal increase in full-year EPRA pre-tax profit to 52.5 million pounds, from 52.3 million pounds in 2011, despite increase in development activity. Annual pre-tax profit, however, declined to 228.1 million pounds, from 233 million pounds.
On a per share basis, 2012 earnings were 211.82 pence this year, down from last year's 217.67 pence, with EPRA earnings per share edging down to 50.12 pence, from 51.25 pence a year before.
Gross property and other income was 150.6 million pounds for the year 2012.
Commenting on the outlook, the company said: "Our office brand appeals to a wide range of tenants from both a design and a price perspective, in particular those from the broad-based TMT world. The increase in rents in our markets in 2012 exceeded our expectations. We believe we shall see rental growth in these markets of 4-6% in 2013 with yields remaining stable."
In 2013, Derwent London aims to complete 212,000 sq ft at Buckley Building EC1 and 1 Page Street SW1 which are 70% pre-let overall, and progress construction of 256,000 sq ft at 1-2 Stephen Street W1, 40 Chancery Lane WC2 and Turnmill EC1.
by RTT Staff Writer
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