Derwent London (DLN)

Sector:

Property Investment Trusts

Index:

FTSE 250

2,174.00p
   
  • Change Today:
    -16.00p
  • 52 Week High: 2,508.00p
  • 52 Week Low: 1,899.00p
  • Currency: UK Pounds
  • Shares Issued: 112.29m
  • Volume: 199,573
  • Market Cap: £2,441.20m
  • RiskGrade: 145

Derwent London posts FY IFRS pre-tax loss

By Iain Gilbert

Date: Tuesday 28 Feb 2023

LONDON (ShareCast) - (Sharecast News) - Property investor and developer Derwent London said on Tuesday that it had fallen to an IFRS pre-tax loss in 2022 despite net rental income and lettings both rising.
Derwent London stated full-year lettings had risen 13% year-on-year to £9.8m, while its net rental income grew 6% to £188.5m.

However, Derwent's EPRA net tangible assets slumped 8.3% to 3,632.0p per share and it swing to an IFRA pre-tax loss of £279.5m from the prior year's profit of £252.5m.

The FTSE 250-listed group also stated it had delivered a total negative return of -6.2% and said EPRA earnings slipped 1.8% to 106.6p per share.

Separately, Derwent revealed it had signed ten leases since the start of 2023 for a combined rental value of £14.7m, including its first pre-let at 25 Baker Street in West London and a third major occupier at the Featherstone Building in East London.

Derwent highlighted that the average lease term to break of the transactions was 13.4 years. On a pro-forma basis its operational EPRA vacancy rate will reduce to 5.0%, from 6.4% at December 2022.

Chief executive Paul Williams said: ""The £14.7m of lettings we have announced today further demonstrate the depth of demand for our distinctively designed, sustainable offices and we anticipate rental growth accelerating for the best buildings over the medium-term.

"We have an opportunity-rich pipeline, underpinned by our high quality core portfolio. Our balance sheet remains strong helped by another year of active capital recycling."

As of 0915 GMT, Derwent shares were down 0.12% at 2,589.0p.



Reporting by Iain Gilbert at Sharecast.com

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Derwent London Market Data

Currency UK Pounds
Share Price 2,174.00p
Change Today -16.00p
% Change -0.73 %
52 Week High 2,508.00p
52 Week Low 1,899.00p
Volume 199,573
Shares Issued 112.29m
Market Cap £2,441.20m
RiskGrade 145

Derwent London Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
12.89% below the market average12.89% below the market average12.89% below the market average12.89% below the market average12.89% below the market average
44% below the sector average44% below the sector average44% below the sector average44% below the sector average44% below the sector average
Price Trend
37.06% above the market average37.06% above the market average37.06% above the market average37.06% above the market average37.06% above the market average
53.33% above the sector average53.33% above the sector average53.33% above the sector average53.33% above the sector average53.33% above the sector average
Income
7.26% above the market average7.26% above the market average7.26% above the market average7.26% above the market average7.26% above the market average
66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average
Growth
50.68% below the market average50.68% below the market average50.68% below the market average50.68% below the market average50.68% below the market average
58.62% below the sector average58.62% below the sector average58.62% below the sector average58.62% below the sector average58.62% below the sector average

What The Brokers Say

Strong Buy 6
Buy 5
Neutral 6
Sell 1
Strong Sell 1
Total 19
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Derwent London Dividends

  Latest Previous
  Interim Final
Ex-Div 05-Sep-24 25-Apr-24
Paid 11-Oct-24 31-May-24
Amount 25.00p 55.00p

Trades for 01-Nov-2024

Time Volume / Share Price
16:40 2,259 @ 2,181.42p
16:40 723 @ 2,181.42p
16:40 337 @ 2,181.42p
16:40 1,748 @ 2,181.42p
16:40 1,934 @ 2,181.42p

Derwent London Key Personnel

CEO Paul M. Williams
CFO Damian Wisniewski

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