Half-yearly report 2011

Our performance

Read more

Pre-tax profit

£378.9m

Our pre-tax profit for the six month period includes a £211.5m
revaluation surplus.

Total dividend

14.4p

The first half dividend of 14.4p, up 2.9%, is consistent with our expectations outlined in May 2011.

Revenue profit

£159.3m

Underlying profit before tax - the increase over the prior period included some £13m of
non-recurring items.

  • Net assets per share
    863p up 4.5%
  • Valuation surplus
    2.1%
  • Investment portfolio performance relative to IPD
    1.0%outperformance
  • Combined portfolio value
    £10.81bn
Combined portfolio value - £10.81bn
Go to our Performance highlights

Retail Portfolio review

Read more
  • Valuation surplus
    1.1%
  • Lettings in the period
    £8.9m
  • Like-for-like portfolio voids reduced from 4.7%
    3.6%
  • Retail Portfolio by capital value
    £4.89bn
Retail Portfolio by capital value - £4.89bn

Top 3 properties

White Rose

1. White Rose
Leeds

Gunwharf Quays

2. Gunwharf Quays
Portsmouth

Cabot Circus

3. Cabot Circus
Bristol

Go to Retail Portfolio highlights

London Portfolio review

Read more
  • Valuation surplus
    2.9%
  • Lettings in the period
    £13.7m
  • Property sales, 15.6% ahead of March 2011 valuation
    £93.9m
  • London Portfolio by capital value
    £5.92bn
London Portfolio by capital value - £5.92bn

Top 3 properties

Cardinal Place

1. Cardinal Place
SW1

New Street Square

2. New Street Square
EC4

One New Change

3. One New Change
EC4

Go to London Portfolio highlights

Outlook

Read more
Retail Portfolio outlook

Retail Portfolio outlook

Consumer behaviour is changing which will contribute to the on-going disparity of performance between winners and losers in terms of retailers, locations and property assets. We understand these dynamics and our strategy is well-matched to the changes taking place.

London Portfolio outlook

London Portfolio outlook

The key drivers of supply and demand for new offices remain broadly consistent with those we set out in 2010. However, we remain alive to changes in the market and will continue to manage our development programme and future pipeline actively.

The retail outlook remains challenging and, in the absence of market-wide rental value growth, the onus is on property owners to actively manage assets to create value.  It is clear that with the larger than anticipated fall in household disposable income, pressures on retail sales have increased and there is a greater risk of insolvency amongst retailers.  

Fundamental to our approach to mitigating this will be the quality of our portfolio and our close relationships with retailers and leisure operators. We seek to understand their changing needs and requirements and plan our asset initiatives and developments accordingly.  We also anticipate that the uncertainty in capital markets may generate some attractive buying opportunities.


  

Go to Retail Portfolio review

"The drivers of demand that we set out in 2010 when we first restarted our development programme are:
High levels of lease expiries from 2013; Prospective occupiers using the end of leases to rationalise estates and move to buildings which are fit for today's corporate requirements; and limited supply of new space.

While current conditions point to lower levels of take up and are impacting the time that it takes for decisions to be made, the dynamics outlined above are still applicable. We are encouraged by the interest in our three remaining speculative schemes on site at 20 Fenchurch Street, EC3, 123 Victoria Street, SW1 and 62 Buckingham Gate, SW1. However, we remain alive to changes in the market and will continue to manage our development programme and future pipeline actively, as we did with the sales of Park House, W1 last year and, more recently, 110 Cannon Street, EC4."

Go to London Portfolio review

Our strategy, vision and team

Our strategy is simple: to be at the forefront of meeting the space requirements of our customers and to provide an attractive total return for our shareholders. We focus on the two largest segments of the UK commercial property market - retail and London offices - which gives us a broad range of opportunities and a high-quality tenant base.

Our vision, 'Shaping the future of property', highlights our ambition to set the standards for tomorrow in our industry. Whatever we do, we aim to lead our sector, not follow.

Our values

  • Excellence
  • Innovation
  • Respect
  • Customer service
  • Integrity
Go to Our strategy, vision and team

Our management

Francis Salway

Francis Salway
Chief Executive

Robert Noel

Robert Noel
Managing Director, London

Martin Greenslade

Martin Greenslade
Group Finance Director

Richard Akers

Richard Akers
Managing Director, Retail

Top 10 assets

Cardinal Place

1. Cardinal Place
SW1

New Street Square

2. New Street Square
EC4

One New Change

3. One New Change
EC4

Queen Anne’s Gate

4. Queen Anne’s Gate
SW1

White Rose

5. White Rose
Leeds

Gunwharf Quays

6. Gunwharf Quays
Portsmouth

Cabot Circus

7. Cabot Circus
Bristol

Bankside 2&3

8. Bankside 2&3
SE1

St David’s

9. St David’s
Cardiff

Piccadilly Circus

10. Piccadilly Circus
W1

Go to our Top 10 assets

Share price

Tools

Useful downloads

Essential readDownload