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Investing.com -- Derwent London (LON:DLN), a property investment and development company listed in London, has reported a swing to pretax profit in 2024.
The company’s pretax profit stood at £116 million ($147 million), compared with a pretax loss of £475.9 million the previous year. This turnaround was primarily due to a smaller decline in property values for the year.
For 2024, Derwent London recorded an asset-revaluation deficit of £2.7 million, a significant reduction from the £581.5 million deficit in 2023. The company’s gross property and other income also increased, reaching £276.9 million from £265.9 million.
In terms of key industry metrics, the company’s EPRA net tangible asset value saw an increase, rising to 3,149 pence from 3,129 pence a share year-on-year. Meanwhile, the valuation of the company’s portfolio also grew, reaching £5.04 billion, up from £4.88 billion.
The board of Derwent London decided to increase the full-year dividend by 1.3%, which now stands at 80.5 pence a share.
Looking forward, the company anticipates that the estimated rental values (ERV) across its portfolio will increase by 3% to 6% in 2025.
However, the company also expects its average cost of debt to rise in the future, although specific details were not provided.
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