| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Shaftesbury losses deepen; says West End revival underway
StockMarketWire.com
|
London West End property group Shaftesbury booked a deeper first-half loss after the pandemic hurt footfall at retail outlets, squeezing rental income.
Pre-tax losses for the six months through March amounted to £338.5 million, compared to year-on-year losses of £287.6 million, and included negative property revaluations of £342.6 million.
Rental income fell 19% to £48.9 million amid occupier support, reduced rent collections and increased vacancy.
EPRA earnings, an underlying measure watched by analysts, slumped 92% to £2.1 million.
Shaftesbury declared an interim dividend of 2.4p per share, compared to no payment year-on-year.
The company said a phased lifting of Covid-19 restrictions was already resulting in a return of confidence and activity as more-normal patterns of life resume.
Footfall and spending were recovering, with almost all of the company's hospitality, leisure and retail businesses having reopenend.
'After more than a year of unprecedented disruption, a revival in the West End's broad-based economy is now underway,' chief executivw Brian Bickell said.
'Since the start of re-opening on 12 April, we are seeing an encouraging increase in demand for space and lettings and a return of footfall and spending across our locations.'
'Forecasts point to a sharp rebound in the UK economy but there remains the risk that the recovery could encounter delays and setbacks in the period ahead.'
Story provided by StockMarketWire.com
|
|
|
|
|
|
