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Derwent London's NAV slides 9.1%

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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Derwent London is not expecting any let-up in the property market’s misery until 2011 it said Friday, as it declared a 9.1% slide in net asset value.

“The problems in the global banking sector and the resulting challenges for companies across all business sectors have been well documented and the current tight market is expected to last through 2010,” said John Burns, chief executive of the London-focused proeprty company.

The company’s chairman, Robert Rayne, said Derwent’s conservative level of gearing meant it was “well equipped to tackle the present uncertainties.”

In the first half of the year the net asset value per share attributable to shareholders fell 9.1% to £16.37 from £18.01 at the end of 2007, as the value of the group’s property portfolio fell from £2.7bn to £2.5bn.

Gross property income rose 13.9% to £57.5m from £50.5m, while the loss before tax widened to £144.7m from £76.3m, reflecting the £164m downgrade in the valuation of the property portfolio; last year’s pre-tax loss was bolstered by a £243m revaluation surplus.

The interim dividend has been raised to 8.15p from 7.5p.

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