London · Delayed Price · Currency is GBP · Price in GBX Shaftesbury Capital Earnings Call Transcripts
Fiscal Year 2025
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Strong growth in rents, earnings, and dividends was achieved, supported by high demand and low vacancy across all segments. The balance sheet was strengthened, with reduced debt and significant liquidity, positioning the group for continued expansion and resilient performance.
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Strong first-half results with growth in rents, values, and earnings, supported by a major partnership and portfolio expansion. Low leverage, high liquidity, and robust demand in the West End underpin positive outlook and medium-term targets of 5%-7% rental growth.
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A £2.7 billion partnership with NBIM will see a 25% stake in Covent Garden sold, releasing £570 million for investment and debt reduction. The deal halves net debt, boosts liquidity, and supports long-term growth ambitions in London's West End.
Fiscal Year 2024
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Strong 2024 results with growth in rents, values, income, and dividends, supported by robust leasing activity and cost efficiencies. Portfolio value rose 4.5% to £5bn, NTA up 5.2%, and underlying earnings increased 16%. Guidance remains positive for 2025 with 5%-7% rental growth expected.
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Strong rental growth, improved valuations, and high occupancy drove robust results, with ERV and contracted income rising and significant capital recycling completed. The business remains well positioned for further growth, targeting 5%-7% rental growth medium term.