West End landlord Shaftesbury has defied concern about the retail sector to post a more than three-fold rise in earnings in the last year.
The company’s results for the 12 months to September 30 showed that the value of its property per share grew 7.2pc to 952p, ahead of analyst expectations.
It made £301m of pre-tax profit, more than three times the £99m it made a year previously, thanks to the rising value of its portfolio and measures it took to protect itself from interest rate movements.
Shaftesbury owns 14.5 acres of prime West End shopping streets, including Carnaby Street, and said that this had helped it to continue attracting new retailers. Its ‘typical-sized’ spaces had proved particularly easy to let, it said.
Three larger schemes which it has recently developed are now 46pc let or under offer.
Brian Bickell, the company’s chief executive, said: “The broad economic base of the West End, and its enduring global appeal to visitors and businesses, underpin its resilience and long-term prospects, providing a considerable degree of protection against national economic headwinds.”
Analysts also hailed Shaftesbury’s unique portfolio as central to its success. David Brockton at Liberum said: “Shaftesbury’s long-term prospects remain significant, given the benefits of its established scale and control over an exceptionally well positioned West End estate.”