Wrap Text
Interim results for the six months ended 30 June 2025
SHAFTESBURY CAPITAL PLC
(Incorporated and registered in the United Kingdom
with Registration Number 07145051 and
registered in South Africa as an external company
with Registration Number 2010/003387/10)
JSE code: SHC ISIN: GB00B62G9D36
LEI: 549300TTXXZ1SHUI0D54
("Shaftesbury Capital" or "the Company")
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2025
29 July 2025
Ian Hawksworth, Chief Executive, commented:
"We are delighted to deliver continued strong performance, with growth in rents,
earnings, dividends, valuation and EPRA NTA. Our West End portfolio continues to be busy
and vibrant with high footfall and seven days a week trading. Leasing demand is strong
with 193 transactions completed 9 per cent ahead of December 2024 ERV. Valuations have
increased by 3 per cent driven by ERV growth and stable yields.
We have entered the second half of the year with positive momentum. Supported by a strong
balance sheet and access to liquidity, we are well positioned to grow the business and
take advantage of market opportunities in London's West End."
Highlights
- 193 leasing transactions, representing £19.2 million of contracted rent, 9.0 per cent
ahead of December 2024 ERV and 16.3 per cent ahead of previous passing rents
- High occupancy: 2.4 per cent of ERV available to let, with positive trends in footfall
and customer sales in aggregate across our prime West End portfolio
- 16 per cent growth in underlying earnings to 2.2 pence per share and interim dividend
increased to 1.9 pence per share
- Portfolio valuation increased by 3.1 per cent to £5.2 billion driven by 2.9 per cent
like-for-like increase in ERV to £261 million, with the equivalent yield stable at
4.46 per cent
- 3.3 per cent increase in EPRA NTA to 206.8 pence per share
- Continued investment in our portfolio through £71 million of capital expenditure and
acquisitions presenting excellent asset management and rental growth opportunities
- Completion in April of £2.7 billion long-term partnership with Norges Bank Investment
Management in respect of the Covent Garden estate
- Well positioned for growth and investment with low leverage and access to significant
liquidity
Presentation of information
The property level information set out within the interim results, including valuation
and rental data, reflects the portfolio under management at 100 per cent.
KEY FINANCIALS
As at As at
30 June 2025 31 December 2024
Total equity £3,796.0m £3,674.3m
Total equity per share 206.5p 200.4p
EPRA net tangible assets £3,800.5m £3,671.1m
EPRA net tangible assets per share 206.8p 200.2p
Property under management market value £5,184.5m £4,973.5m
Like-for-like property valuation movement +3.1% +4.5%
Like-for-like ERV growth +2.9% +7.7%
EPRA LTV 16.6% 27.4%
Net debt £776.7m £1,405m
Net debt to EBITDA 6.1x 10.9x
Six months ended Six months ended
30 June 2025 30 June 2024
Gross profit £89.2m £80.7m
Profit for the period £173.0m £86.1m
Basic earnings per share 8.3p 4.7p
JSE Headline earnings per share 1.6p 1.8p
EPRA earnings per share 2.4p 1.9p
Underlying earnings per share 2.2p 1.9p
Interim dividend per share 1.9p 1.7p
Total property return 4.9% 2.8%
Total accounting return 4.2% 2.5%
Total shareholder return 26.1% 2.0%
About Shaftesbury Capital
Shaftesbury Capital PLC ("Shaftesbury Capital") is the leading central London mixed-use REIT
and is a constituent of the FTSE-250 Index. Our property portfolio under management, valued
at £5.2 billion, extends to 2.7 million square feet of lettable space across the most vibrant
areas of London's West End. With a diverse mix of shops, restaurants, cafés, bars,
residential apartments and offices, our destinations include the high footfall, thriving
neighbourhoods of Covent Garden, Carnaby, Soho and Chinatown. Our properties are close to the
main West End Underground stations and transport hubs for the Elizabeth Line. Shaftesbury
Capital shares are listed on the London Stock Exchange ("LSE") (primary) and the Johannesburg
Stock Exchange ("JSE") (secondary) and the A2X (secondary).
Our purpose
Investing to create thriving destinations in London's West End where people enjoy visiting,
working, and living.
Our values
We have a set of values that are fundamental to our behaviour, decision making and the
delivery both of our purpose and strategy: Act with integrity; Take a creative approach;
Listen and collaborate; Take a responsible, Long-term view; and Make a difference.
This announcement is the responsibility of the Directors of Shaftesbury Capital. It is
only a summary of the information contained in the interim results for the six months
ended 30 June 2025 ("HY25 results") announcement and does not contain full or complete
details.
Any investment decision should be based on consideration of the HY25 results announcement
accessible from 29 July 2025 via SENS and the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2025/JSE/isse/SHCE/HY25Result.pdf and also available
on the Company's website at https://www.shaftesburycapital.com/en/investors/results-
reports-presentations.html.
Copies of the HY25 results announcement may also be requested by contacting the Company
(cosec@shaftesburycapital.com or telephone +44 (0) 20 3214 9150).
DIVIDENDS
The Directors of Shaftesbury Capital have proposed an interim cash dividend of 1.9 pence
per ordinary share (ISIN GB00B62G9D36) payable on Wednesday, 1 October 2025.
Dates
The following are the salient dates for the payment of the 2025 interim cash dividend:
Interim 2025 dividend announced Tuesday, 29 July 2025
Sterling/Rand exchange rate struck Monday, 11 August 2025
Sterling/Rand exchange rate and dividend amount in Rand Tuesday, 12 August 2025
announced by 11.00 am (Johannesburg time)
Last day to trade cum-dividend* Tuesday, 19 August 2025
Ordinary shares listed ex-dividend on the Johannesburg Stock Wednesday, 20 August 2025
Exchange
Ordinary shares listed ex-dividend on the London Stock Thursday, 21 August 2025
Exchange
Record date for the 2025 interim dividend in UK and South Friday, 22 August 2025
Africa
Deadline for submission of declaration of eligibility to Friday, 22 August 2025 (COB)
receive gross PID payment to UK registrar
Dividend payment date for shareholders Wednesday, 1 October 2025
* South African shareholders should note that, in accordance with the requirements of
Strate, the last day to trade cum-dividend on the Johannesburg Stock Exchange will be
Tuesday, 19 August 2025. No dematerialisation or rematerialisation of shares will be
possible from Wednesday, 20 August 2025 to Friday, 22 August 2025 inclusive. No transfers
between the UK and South African registers may take place from close of business on
Tuesday, 12 August 2025 to Friday, 22 August 2025 inclusive.
The above dates are proposed and subject to change.
The Property Income Distribution ("PID") element (being 1.5 pence) will be subject to a
deduction of a 20 per cent UK withholding tax unless exemptions apply. The Non-PID
element (being 0.4 pence) will be treated as an ordinary UK company dividend.
Information for shareholders
The information below is included only as a general guide to taxation for shareholders based
on Shaftesbury Capital's understanding of the law and the practice currently in force. Any
shareholder who is in any doubt as to their tax position should seek independent professional
advice.
UK shareholders
Certain categories of shareholders may be eligible for exemption from the 20 per cent UK
withholding tax and may register to receive their dividends on a gross basis. Further
information, including the required forms, is available from the 'Investor Information'
section of the Company's website (https://www.shaftesburycapital.com/en/investors/investor-
information.html), or on request from the Company's UK registrar, MUFG Corporate Markets.
Validly completed forms must be received by MUFG Corporate Markets no later than the
dividend record date, as advised; otherwise the dividend will be paid after deduction of tax.
Cash dividends paid directly to bank or building society account
Cash dividend payments made by the Company are only paid by electronic means. The Company
no longer issues payments by cheque. To receive cash dividends, shareholders must ensure
that they have registered their bank/building society details with the appropriate
registrar. Visit the dividend information section of our website for more details
(https://www.shaftesburycapital.com/en/investors/investor-information/dividend-
information.html).
South African shareholders
The 2025 interim cash dividend declared by the Company is a foreign payment and the funds
are sourced from the UK.
PID: A 20 per cent UK withholding tax is applicable to a PID. South African shareholders
may apply to HMRC after payment of the PID element of the 2025 interim cash dividend for
a refund of the difference between the 20 per cent UK withholding tax and the UK/South
African double taxation treaty rate of 15 per cent.
The PID element of the 2025 interim cash dividend will be exempt from income tax but will
constitute a dividend for Dividends Tax purposes, as it will be declared in respect of a
share listed on the exchange operated by the Johannesburg Stock Exchange. South African
Dividends Tax will therefore be withheld from the PID element of the 2025 interim cash
dividend at a rate of 20 per cent, unless a shareholder qualifies for an exemption and
the prescribed requirements for effecting the exemption are in place by the requisite
date. Certain shareholders may also qualify for a reduction of South Africa Dividends Tax
liability to 5 per cent, (being the difference between the South African dividends tax
rate and the effective UK withholding tax rate of 15 per cent) if the prescribed
requirements for effecting the reduction are in place by the requisite date.
Non-PID: The Non-PID element of the 2025 interim cash dividend will be exempt from income
tax but will constitute a dividend for South African Dividends Tax purposes, as it will
be declared in respect of a share listed on the exchange operated by the Johannesburg
Stock Exchange. South African Dividends Tax will therefore be withheld from the Non-PID
element of the 2025 interim cash dividend at a rate of 20 per cent, unless a shareholder
qualifies for an exemption and the prescribed requirements for effecting the exemption
are in place by the requisite date.
Other overseas shareholders
Other non-UK shareholders may be able to make claims for a refund of UK withholding tax
deducted pursuant to the application of a relevant double taxation convention. UK
withholding tax refunds can only be claimed from HMRC, the UK tax authority.
Additional information on PIDs and ordinary dividends (Non-PIDs) can be found at
https://www.shaftesburycapital.com/en/investors/investor-information/reit.html
ENQUIRES:
Shaftesbury Capital PLC +44 (0)20 3214 9150
Ian Hawksworth Chief Executive
Situl Jobanputra Chief Financial Officer
Sarah Corbett Director of Commercial Finance and Investor Relations
Media enquiries:
UK: Hudson Sandler Michael Sandler +44 (0)20 7796 4133
UK: RMS Partners Simon Courtenay +44 (0)20 3735 6551
SA: Instinctif Louise Fortuin +27 (0)11 447 3030
A presentation to analysts and investors will take place today at 08:30am (UK time) at
the offices of UBS, 5 Broadgate, London, EC2M 2QS. The presentation will also be
available to analysts and investors through a live audio call and webcast and after the
event on the Group's website at www.shaftesburycapital.com
A copy of this announcement is available for download from our website at
www.shaftesburycapital.com
DISCLAIMER
This press release contains "forward-looking statements" regarding the belief or current
expectations of Shaftesbury Capital PLC, its Directors and other members of its senior
management about Shaftesbury Capital PLC's businesses, financial performance and results
of operations. These forward-looking statements are not guarantees of future performance.
Rather, they are based on current views and assumptions and involve known and unknown
risks, uncertainties and other factors, many of which are outside the control of
Shaftesbury Capital PLC and are difficult to predict, that may cause actual results,
performance or developments to differ materially from any future results, performance or
developments expressed or implied by the forward-looking statements. These forward-
looking statements speak only as at the date of this press release. Except as required by
applicable law, Shaftesbury Capital PLC makes no representation or warranty in relation
to them and expressly disclaims any obligation to update or revise any forward-looking
statements contained herein to reflect any change in Shaftesbury Capital PLC's
expectations with regard thereto or any change in events, conditions or circumstances on
which any such statement is based. The information contained in this press release does
not purport to be comprehensive and has not been independently verified.
Any information contained in this announcement on the price at which shares or other
securities in Shaftesbury Capital PLC have been bought or sold in the past, or on the
yield on such shares or other securities, should not be relied upon as a guide to future
performance. No statement in this press release is intended to be a profit forecast and
no statement in this press release should be interpreted to mean that earnings per share
of Shaftesbury Capital PLC for the current or future financial years would necessarily
match or exceed the historical published earnings per share of Shaftesbury Capital PLC.
Certain industry and market data contained in this press release has come from third
party sources. Third party publications, studies and surveys generally state that the
data contained therein have been obtained from sources believed to be reliable, but that
there is no guarantee of accuracy or completeness of such data.
Sponsor
Java Capital
Date: 29-07-2025 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
