Shaftesbury PLC hails ‘remarkable bounce back’ by London’s West End
“Footfall and spending in our villages are well on the way to returning to, or in some cases already exceeding, their pre-pandemic levels.”
Shaftesbury PLC (LSE:SHB) said there had been a “remarkable bounce back” in activity at its London West End focused properties since coronavirus restrictions were eased in July.
Rental collection had shown sustained improvement, it said, and was 75% in the final quarter of the year to end-September 2021 from 52% in the first nine months.
Shaftesbury added it had now ended its rental support scheme in all but exceptional cases, reflecting the “swift rebound” in demand for West End space as confidence grew.
Letting activity in the year amounted to £33.9m with another £6.3m since 30 September, while the FTSE 250 group said it now had no apartments available compared with 133 empty a year ago.
“Footfall and spending in our villages are well on the way to returning to, or in some cases already exceeding, their pre-pandemic levels,” said Brian Bickell, chief executive.
A final dividend of 4p is being recommended this time, which the REIT said is also a return to normal after the pandemic disruption.
Numbers for the year still reflected the COVID-lockdowns but also the improving trend with a loss after tax of £194.9mln (2020: loss of £699.5mln) and due to a lower revaluation deficit in the current year.
Underlying earnings were £13.3mln (2020: £29.4mln), while net assets per share dipped 15% to 619p.
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