Shaftesbury Capital PLC on Thursday swung to an interim profit on the back of strong leasing demand, high occupancy and rental growth.

Shaftesbury Capital arose in March following the all-share merger of Capital & Counties Properties PLC and Shaftesbury PLC.

For the first half of 2023, pretax profit for the group was £799.1 million, swung from a loss of £5.9 million a year earlier.

Revenue for that doubled to £82.4 million from £35.9 million, with net rental income soaring to £58.3 million from £26.9 million.

The vacancy rate was 5.9% as at June 30. Some 220 leasing transactions were completed in the first half.

Shaftesbury Capital declared an interim dividend 1.5 pence, up 88% from 0.8p.

Total return was 7.4%, compared to negative 14% in the second half of 2022.

Chief Executive Ian Hawksworth said the group had had an excellent start as a newly merged company, creating the leading central London mixed-use REIT.

Trading conditions across the company’s West End locations are positive, with high footfall and customer sales now tracking 15% ahead of 2019 levels, Hawksworth said.

Going forward, Shaftesbury Capital is confident in delivering further growth and returns in the years ahead.

Shares in Shaftesbury Capital were up 0.4% at 117.10p in London on Thursday morning. They rose by 0.9% to R 27.66 in Johannesburg.

Copyright 2023 Alliance News Ltd. All Rights Reserved.