Brixton shares climb on results

Park Royal's biggest landlord, Brixton, released its annual results today, after which the share price climbed markedly.

The developer announced a fall of 47% in net asset value, and a £758m loss, but stressed it remained within its banking covenants, and didn't, as widely predicted, announce a rights issue.

The company saw a 6.8% rise in net rental income to £77.4m, however its vacancy rate increase to from 15.4% to 17.3% – though this was down from 18.7% in June.

Newly installed chief executive Peter Dawson said that it was still exploring ‘all options to strengthen the balance sheet and provide additional financial flexibility including debt renegotiations and an equity raising’.

The share price was 20% ahead on the day at 11.30am.

See further detail from Property Week, or the FT.

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