Shaftesbury Capital interim profit surges on strong revaluation gain

Shaftesbury Capital PLC on Tuesday said interim profit doubled, mainly due to a sharply higher revaluation gain.

The real estate investment trust invests in commercial properties in the London West End. It was formed from merger of Capital & Counties Properties PLC and Shaftesbury PLC

Pretax profit rose to £173.0 million in the six months that ended June 30 from £86.3 million a year earlier.

Gain on revaluation and sale of investment property was £146.7 million, multiplied from £53.2 million.

Revenue for the first half of 2025 was £117.6 million, up 5.8% from £111.2 million.

Portfolio valuation rose 3.1% to £5.2 billion, driven by leasing and asset management activity.

At June 30, the vacancy rate was 3.5% of portfolio, improved from 3.9% at December 31.

Shaftesbury declared an interim dividend of 1.9 pence, up 12% from 1.7p.

Basic earnings per share surged 77% to 8.3p from 4.7p, reflecting revaluation gain. But headline EPS, which strips out this gain, was down 11% to 1.6p from 1.8p.

As at June 30, net tangible assets per share was 206.8p, up 3.2% from at December 31, and up 6.9% from 193.4p at June 30, 2024.

‘We are delighted to deliver continued strong performance, with growth in rents, earnings, dividends, valuation and EPRA NTA,’ Chief Executive Officer Ian Hawksworth said.

In April, Shaftesbury completed the sale of 25% stake of its Covent Garden portfolio to Norges Bank Investment Management, the Norwegian sovereign wealth fund.

The first quarter of the year reflects Covent Garden at 100% ownership, while the second quarter reflects completion of the transaction, it said.

Going forward, Shaftesbury said it has entered the second half of the year with ‘positive momentum’.

‘Supported by a strong balance sheet and access to liquidity, we are well positioned to grow the business and take advantage of market opportunities in London’s West End,’ it said.

Shares in Shaftesbury Capital were up 2.5% to 159.70 pence on Tuesday morning in London. In Johannesburg, shares were up 2.7% to R 38.42.

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