Shaftesbury Capital lifts interim profit by third on revaluation gain
Shaftesbury Capital PLC on Wednesday posted what it described as "strong" financial performance, underpinned by continued rental growth.
The real estate investment trust owns commercial properties in the London West End entertainment district.
It reported pretax profit of £228.1 million for the six months that ended June 30, up 32% from £173.0 million a year before.
Gain on revaluation and sale of investment property rose 24% to £181.4 million from £146.7 million.
Revenue was £122.7 million, up 4.3% from £117.6 million, with rental income rising 5.7% to £111.6 million from £105.6 million.
"We have delivered strong performance, with 226 leasing transactions completing 18% ahead of previous passing rents and 5% ahead of December 2025 [estimated rental value], contributing to portfolio valuation uplift of 3.4%," Shaftesbury Chief Executive Officer Ian Hawksworth said, describing the first half as "excellent".
Despite market uncertainty, the company's prime West End portfolio continued to deliver high footfall, customer sales growth, high occupancy and a strong pipeline, Hawksworth said.
Shaftesbury declared an interim dividend of 2.2 pence, up 16% from 1.9p a year before.
Basic earnings per share was up 28% to 10.6p from 8.3p, reflecting revaluation gains. Headline EPS was 44% higher at 2.3p from 1.6p.
As at June 30, EPRA net tangible assets per share was up 3.9% to 223.1p from 214.7p at December 31 and up 8.0% from 206.5p at June 30, 2025.
Last month, Shaftesbury said its Covent Garden partnership had entered into a new £300 million unsecured revolving credit facility on "attractive" terms, with a five-year maturity and two one-year extension options.
Looking ahead, Shaftesbury said its growth prospects are underpinned by "strong fundamentals", adding that it is "well-positioned" for growth, expansion and investment.
Shares in Shaftesbury were down 2.0% to 143.10p on Wednesday in London. But they were up 0.6% to ZAR32.38 in Johannesburg.
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