Great Portland beat analysts' forecasts with a 9.2 per cent portfolio revaluation in the year to 31 March. That beat the IPD benchmark capital return of 7.5 per cent - though the group also generated less income than the benchmark, so it was only marginally ahead in total return terms.
IC TIP:
Buy
at
390p
Adjusted profits fell 65.5 per cent on last year. That’s mainly because of the ambitious development programme that Great Portland embarked upon 18 months ago, which has involved vacating buildings and taking on more staff and debt. Indeed, net debt increased from £349m to £499m, though gearing still looks modest.