Derwent London boosts profit

15th Aug 2013 07:11

Property group Derwent London said robust tenant and investor demand in its markets continued in the half year to end of June and its pipeline of projects gives it confidence for future trading.FTSE 250 property firm, with a focus on central London, said EPRA net asset value (NAV) per share increased by 8.9% to 2,054p from 1,886p at December 31st 2012 and by 16.0% from June 30th 2012.EPRA profit before tax rose to £28.0m for the half year ended June 30th from £26.5m a year earlier. Earnings per share rose to 25.95p from 25.06p in 2012."The TMT and creative industries, a core part of our portfolio of tenants, continue to account for many of our lettings, particularly in London's Tech Belt," the group said.Chief Executive Officer John Burns added:"Derwent London has had an excellent first half. We secured a record level of lettings and rising rents at our brand of well-designed office space.""We are seeing particular interest from the UK's expanding creative industries and TMT companies, most notably in London's 'Tech Belt'. The success of our recent convertible bond issue reflects the market's confidence in the group's strategy with our extensive project pipeline providing many opportunities for future value creation."Derwent has recommended an interim dividend of 10.75p, an increase of 8.0% from last time.CJ