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Real Estate company Great Portland Estates pulled guidance after reporting a fall in annual profit on lower revenue and fall in the value of its retail properties.
For the year ended 31 March 2020, pre-tax profit fell to £51.6m from £56.1m on-year as revenue fell 8.9% to £102.4m.
Rental income fell 2.5% to £79.9m and the value its portfolio valuation was down 0.3%, with developments up 11.9%, offices up 1.0%, and retail down 3.5%.
The total dividend per share was up 3.3% to 12.6 pence, including an unchanged final dividend 7.9p on-year.
'It is clear that we must plan for a recession with an increase in unemployment, leading to reduced occupational demand for space, implying falling rental and capital values. Key to our market's performance will be both the depth of the downturn and the shape of the recovery. Given this uncertainty, we are pausing the provision of guidance on rental value movements until the picture becomes clearer,' the company said.
'We do expect to see some yield expansion for both office and retail properties, although London's yields today still remain attractive relative to other global cities and underlying interest rates,' it added.