Half Year 2024 Shaftesbury Capital PLC Earnings Call Transcript
Key Points
- Strong performance across the business with stable yields and valuations returning to growth.
- High occupancy levels and continued sales growth reported by customers.
- Significant rental growth and enhanced portfolio quality through strategic acquisitions.
- Increased ERV by 3.2% like-for-like and valuation growth by 1.4% like-for-like.
- Strong balance sheet with significant liquidity and reduced finance costs.
- ERV overall remains below pre-pandemic levels, with retail ERVs 15% lower.
- High administration costs, although progress has been made in reducing them.
- Net debt remains high at GBP1.5 billion, resulting in a loan-to-value ratio of 30%.
- Continued pressure on yields due to market uncertainties and interest rate movements.
- Limited capital commitments and the need for ongoing refinancing activities.
Okay, everybody, thanks for waiting. Good morning. Thank you very much for coming. Welcome to our Interim Results Presentation. Joined today by our ExCo Situl, Michelle, and Andrew. Usual format, I'm going to start with a brief overview. Situl will then go through the financial review, and then I'll talk through the portfolio and we'll finish with a summary and hopefully some questions.
So we're very pleased to report strong performance across the business. Having set clear priorities, we are delivering on strategy. Conditions across the West End's occupational and investment markets have been improving for some time now, and this is reflected in more stable yields and valuations have returned to growth. We're leasing well ahead of ERV, delivering rental growth and enhanced valuations.
Footfall across our West End portfolio is strong, with high occupancy levels and customers reporting continued sales growth. We're converting the portfolio's reversionary potential into contracted income and have
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