Shaftesbury Capital's Strong Financial Performance

Shaftesbury Capital announced a significant turnaround in its financial performance, reporting a pretax profit for the year driven by increased revenue. The London-listed company expressed confidence in the growth prospects of its portfolio, attributing the success to rental growth, cash conversion, and cost-control measures.

Financial Highlights

• Pretax profit reached 750.6 million pounds, a notable improvement from the previous year's loss of GBP205.8 million.
• Revenue saw a significant increase to GBP195.1 million compared to GBP74.1 million.
• The completion of 526 leasing transactions accounted for GBP37.0 million in rent, with average rents surpassing December 2022's estimated rental value by 10%.
• Net tangible assets as of Dec. 31 grew to 190.3 pence from 182.1 pence in the same period last year.

Positive Outlook

Shaftesbury Capital remains optimistic about its future growth despite the prevailing uncertain geopolitical and macroeconomic environment. The company's strong performance, robust leasing pipeline, and favorable trading conditions in West End locations underpin its confidence in the exceptional portfolio's growth potential.

At 0859 GMT, shares were up by 1.15% at 123.10 pence.