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London & Stamford Profit More Than Doubles on Acquisitions

May 26 (Bloomberg) -- London & Stamford Property Plc, 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 and Vaughan, 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

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