London & Stamford Profit More Than Doubles on Acquisitions

London & Stamford Property Plc (LSP), co- owner of the U.K.’s third-largest mall, said annual profit more than doubled on acquisitions and rising real estate values.

Net income for the 12 months through March advanced to 41.8 million pounds ($68 million) from 16.1 million pounds a year earlier, the Guernsey-based company said in a statement today.

“Our rents will rise over the next year as we’ll have a full year of rents from our purchases in the period,” Chief Executive Patrick Vaughan said in an interview. “We feel that we’re in a pretty healthy state of affairs.”

London & Stamford, founded in 2007 by Chairman Raymond Mould andVaughan, spent 440 million pounds on acquisitions during the fiscal year, mainly on distribution centers, to benefit from rising rents and a recovery in property values.

Net rental income increased to 36 million pounds from 16 million pounds a year earlier, the company said in the statement. London & Stamford approved a final dividend of 3.3 pence a share, bringing the total for the year to 6.3 pence, a gain of 43 percent, the company said.

Earnings per share fell to 8.3 pence from 24.8 pence a year earlier as the number of shares increased.

London & Stamford agreed to buy One Carter Lane and Two Old Change Court from UBS Triton Property Fund for 75 million pounds in April.

To contact the reporter on this story: Tim Barwell in London at tbarwell@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.