Daejan Holdings reports £230m valuation surplus

8th Jul 2015 09:30

Shares in Daejan Holdings rose after the UK and US property investor reported a net valuation surplus of £229.7m and recommended a final dividend of 53p per share.The FTSE 250 company's commercial, industrial and residential investment property portfolio, which includes properties in London such as Africa House and others along the eastern seaboard states of the USA, was revalued at the year end, rising to £1.86bn from £1.55bn, which led to the net valuation surplus for the year.Together with Daejan's accrued £58.9m of net rental and related income from investment property it generated a profit before tax of £271.9m, up 65%.Earnings per share rose 49% to 1,368p.The final dividend payout will make for a total dividend for the year of 88p, a rise of 7.3%.