Six-month results see strong return to growth for office specialist

Property company and office specialist Derwent London has reported an increase of the value of its property portfolio to £2.15bn in interim results for 2010.

The group has posted a 17% rise in net asset value to 1,365 pence a share in its fiscal first half compared to 18% six months earlier. The value of its portfolio has risen by 10.3%, or £200m since the end of December.

The firm reported pre-tax profits of £216m over the period against a pre-tax loss of £223m a year ago.

Chief executive John Burns said: “We are pleased to announce a strong set of results for the first six months of 2010. Since the half year further good letting progress has been made with 8,100m2 (87,200 sq ft) of floorspace either let or placed under offer at an annual rental income of £1.9m.

“The defensive qualities of the central London office market remain.”