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Shaftesbury FY Profit Drops

Shaftesbury Plc. (SHB.L) reported that its profit for the year ended 30 September 2019 dropped to 26.0 million pounds or 8.5 pence per share from last year's 175.5 million pounds or 58.0 pence per share.

The decrease in profit after tax was largely due to a revaluation deficit, net of disposal profits, which reduced profits, this year, by 12.5 million pounds, compared with a surplus of 127.7 million pounds in 2018; and an increase in share of the post-tax losses from the Longmartin joint venture, as a result of the reduction in the valuation of its investment property.

The reductions were partly offset by higher operating profit before investment property disposals and valuation movements and lower net finance costs, which, together, increased profit after tax by 3.4 million pounds.

EPRA earnings increased by 5.6% to 54.6 million pounds from 51.7 million pounds in the prior year.

Annual revenue grew to 126.9 million pounds from 122.1 million pounds in the prior year.

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