Daejan Holdings makes solid progress in year through March

London-based property business Daejan Holdings posted its preliminary results for the year to 31 March on Wednesday morning, with its investment property figure for the year rising to £2.26bn from £2.01bn at the same time last year.

The FTSE 250 firm said net rental and related income from investment property was down to £64.8m from £68.2m, though its profit before tax rose to £198.4m from £173.2m.

Total equity was higher at £1.66bn, compared to £1.48bn last year, while equity shareholders’ funds per share were firmer at £101.61 against £90.82.

Earnings per share for the year totalled £9.93, compared to £8.77 last year.

“The revaluation of the investment property portfolio at the year end has resulted in a net valuation surplus for the year of £144.51m,” said chairman Benzion Freshwater in a statement.

“The board has recommended a final dividend of 63p per share in respect of the year ended 31 March 2017 payable on 10 November 2017 to shareholders on the register on 13 October 2017.

“This will make a total dividend for the year of 98p (up from 93p).”