Shaftesbury's FY IFRS earnings tumble

Shaftesbury's FY IFRS earnings have tumbled to £99.1m, from £467.3m. IFRS earnings per share was 35.6p, from 168.0p.

It said the decrease largely due to a lower revaluation surplus in 2016, compared with 2015. Portfolio valuation was £3.35bn.

EPRA net asset value was 888p a share, up 19p. Total dividend for the year was 14.7p, from 13.75p. This included a final dividend of 7.55p, from 6.925p.

CEO Brian Bickell commented:

"We are pleased to report another year of excellent performance. Against a background of growing caution in property markets, which is beginning to affect some property values, our exceptional portfolio has delivered underlying capital value growth of 4.9%.

"Whilst London and, at its heart, the West End, cannot be completely immune from the influences of the macro environment, its global city status, exceptionally dynamic and broad-based economy and enduring appeal for domestic and international businesses and visitors, will continue to support its long-term prospects for sustained growth and prosperity.

"This positive outlook underpins the potential in our portfolio.

"The exceptional qualities and resilience of our business have delivered long-term sector out-performance.

"Despite present uncertainties, we are confident our impossible-to-replicate portfolio and the innovative, long-term management we bring to it, will continue this record of delivering sustained growth in total returns for shareholders."