Great Portland Estates Sees Encouraging Results

Great Portland Estates has announced its half-year results, something that serves as another indication that perhaps the recession is coming to a visible end - at least in the prime London market where the company is heavily involved.

Encouragingly, the value of their property portfolio has rising by 7.3% since March 2010 whilst the all-important Net Assets Per Share (NAV) is up 11% to 314 pence valuing the company at £972.2 million. With the company currently worth 345 pence a share it's trading at a clear premium to NAV indicating the medium term confidence that the City has in the company.

At the same time they have announced they are going to pay an interim dividend of 3.1 pence a share with gross operating profits of £15 million which is up 11.1% on 2009. Most impressively, at least on paper, they have posted a total profit of £116.8 million thanks to write-ups on the valuation of their property. This is a far cry from 2009 when they made a loss of £29.8 million due to write-downs.

Great Portland Estates is continuing to work on a number of tall buildings around London including 240 Blackfriars Road where they plan on preparing the site for construction in 2011, although such announcements have been made by the company in the past too.

They have also teamed up with Brookfield to develop the 165 metre tall 100 Bishopsgate with detailed design continuing and the developers seeking to increase the total floorspace on offer from 75,715 square metres to 85,935 square metres although this is likely to be an expansion of the lower rise building than the tower.

Despite the seemingly bullish results, there is a tone of caution within with Great Portland Estates having detected the rapid rises throughout this year have slowed. Whilst this doesn't mean they expect things to deteriorate, and that the British economy is clearly through the worst of the recession, things are still far away from the halcyon days of 2006.

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