Derwent London
DLN · Main Market · Real Estate · mcap £1,935m · 1784.0p
Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value
Source: results 06 Aug 26 ↗
- Market cap
- £1,958m
- Owner’s net cash
- −£1,295m
- Net cash / market cap
- -66%
- EV ex leases
- £3,253m
- Revenue
- £411.8m
- Operating profit
- £99.6m
- Free cash flow after leases
- £194.5m
- EV / EBIT
- 32.7×
- FCF yield
- 9.9%
- Price / tangible book
- 0.56×
- ROCE
- 2%
- Net income (owners)
- £48.0m
Share price × shares in issue (from the company’s voting-rights notices)
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£1,295m − £0.0m − £0.0m − £0.0m = −£1,295m
Owner’s net cash ÷ Market cap−£1,295m ÷ £1,958m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£1,958m + £1,406m − £110.9m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £3,253m
Revenue, last twelve monthsLTM to 2026-06-30
Operating profit, last twelve monthsLTM to 2026-06-30
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£203.6m − £9.1m − £0.0m − £0.0m − £0.0m
EV ex leases ÷ Operating profit (LTM)£3,253m ÷ £99.6m
Free cash flow after leases ÷ Market cap£194.5m ÷ £1,958m
Market cap ÷ Tangible book£1,958m ÷ £3,515m
Operating profit (LTM) ÷ (Total assets − Current liabilities)£99.6m ÷ (£5,194m − £172.3m) = £99.6m ÷ £5,022m
Net income (owners), last twelve monthsLTM to 2026-06-30
Market value
- Market cap
- £1,958m
Share price × shares in issue (from the company’s voting-rights notices)
Cash and debt · balance sheet 2026-06-30
- Cash
- £110.9m
- Borrowings
- £1,406m
- Net cash / (debt) ex leases
- −£1,295m
- Lease liabilities
- £53.0m
- Owner’s net cash
- −£1,295m
- Net cash / market cap
- -66%
- Cash − total liabilities
- −£1,568m
Balance sheet 2026-06-30
Borrowings, current + Borrowings, non-current£0.0m + £1,406m
Cash − Borrowings£110.9m − £1,406m = −£1,295m
Lease liabilities, current + non-current (left out of net cash and EV ex leases)£0.5m + £52.5m
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£1,295m − £0.0m − £0.0m − £0.0m = −£1,295m
Owner’s net cash ÷ Market cap−£1,295m ÷ £1,958m
Cash − Total liabilities (the strictest view: cash covers everything owed)£110.9m − £1,679m = −£1,568m
Last twelve months · LTM to 2026-06-30
- Revenue
- £411.8m
- Operating profit
- £99.6m
- EBITDA (pre-IFRS 16)
- –
- Net income (owners)
- £48.0m
- Cash from operations
- £203.6m
- Free cash flow after leases
- £194.5m
- Cash conversion
- 424%
Revenue, last twelve monthsLTM to 2026-06-30
Operating profit, last twelve monthsLTM to 2026-06-30
Operating profit + Depreciation (owned assets) + Amortisation
Net income (owners), last twelve monthsLTM to 2026-06-30
Cash from operations, last twelve monthsLTM to 2026-06-30
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£203.6m − £9.1m − £0.0m − £0.0m − £0.0m
Cash from operations ÷ Net income (owners)£203.6m ÷ £48.0m
Enterprise value
- EV ex leases
- £3,253m
- EV incl. leases
- £3,306m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£1,958m + £1,406m − £110.9m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £3,253m
EV ex leases + Lease liabilities£3,253m + £53.0m
Valuation at today’s market cap
- EV / EBIT
- 32.7×
- EV / EBITDA
- –
- FCF yield
- 9.9%
- Price / book
- 0.56×
- Tangible book
- £3,515m
- Price / tangible book
- 0.56×
- NCAV (net current asset value)
- –
- Price / NCAV
- –
- Net-net working capital
- −£1,527m
EV ex leases ÷ Operating profit (LTM)£3,253m ÷ £99.6m
EV ex leases ÷ EBITDA (pre-IFRS 16)£3,253m ÷ –
Free cash flow after leases ÷ Market cap£194.5m ÷ £1,958m
Market cap ÷ Total equity£1,958m ÷ £3,515m
Total equity − Goodwill − Other intangibles£3,515m − £0.0m − £0.0m
Market cap ÷ Tangible book£1,958m ÷ £3,515m
Current assets − Total liabilities– − £1,679m
Market cap ÷ NCAV£1,958m ÷ –
Cash + 75% × Trade receivables + 50% × Inventories − Total liabilities£110.9m + 0.75 × £54.5m + 0.5 × £0.0m − £1,679m
Returns and quality
- ROCE
- 2%
- ROE
- 1%
- Current ratio
- –
- Net debt / EBITDA
- –
- Accruals ratio
- -3.0%
Operating profit (LTM) ÷ (Total assets − Current liabilities)£99.6m ÷ (£5,194m − £172.3m) = £99.6m ÷ £5,022m
Net income (owners, LTM) ÷ Total equity£48.0m ÷ £3,515m
Current assets ÷ Current liabilities– ÷ £172.3m
(Borrowings − Cash) ÷ EBITDA (pre-IFRS 16)£1,295m ÷ –
(Net income − Cash from operations) ÷ Total assets – high: profit not backed by cash(£48.0m − £203.6m) ÷ £5,194m
H1 26 vs H1 25 · results 06 Aug 26 ↗
- Revenue
- £146m +4%
- Operating profit
- £6.3m −95%
- Net income
- −£18.6m prior £94.5m
- Cash from operations
- £34.4m −41%
Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
The statement exactly as printed in one results announcement – its own columns (the period and its comparatives), lines and headings, in the company's currency and units. Choose the report above; to compare several years, use Key figures.
Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.
Latest report: H1 26 (six months to 30 Jun 26), published 06 Aug 26 · read the results ↗
| Half year to 30.06.2026 Unaudited £m | Half year to 30.06.2025 Unaudited £m | Year to 31.12.2025 Audited £m | |
|---|---|---|---|
| Gross property and other income | 146.5 | 141.0 | 406.3 |
| Net property and other income | 95.2 | 96.6 | 199.6 |
| Onerous contract provision | (45.8) | - | - |
| Administrative expenses | (17.8) | (17.5) | (39.1) |
| Revaluation (deficit)/surplus | (19.0) | 38.2 | 52.2 |
| Loss on disposal | (6.3) | (0.1) | (2.2) |
| Profit from operations | 6.3 | 117.2 | 210.5 |
| Finance income | 0.4 | 0.2 | 2.1 |
| Finance costs | (24.6) | (22.8) | (50.5) |
| Movement in fair value of derivative financial instruments | - | (0.6) | (0.6) |
| (Loss)/profit before tax | (17.9) | 94.0 | 161.5 |
| Tax (charge)/credit | (0.7) | 0.5 | (0.4) |
| (Loss)/profit for the period | (18.6) | 94.5 | 161.1 |
| Basic earnings per share | (16.59p) | 84.18p | 143.53p |
| Diluted earnings per share | (16.59p) | 83.92p | 143.51p |
| 30.06.2026 Unaudited £m | 30.06.2025 Unaudited £m | 31.12.2025 Audited £m | |
|---|---|---|---|
| Non-current assets | |||
| Investment property | 4,632.0 | 4,791.4 | 4,828.6 |
| Property, plant and equipment | 69.1 | 61.8 | 68.1 |
| Pension scheme surplus | 1.9 | 1.8 | 1.8 |
| Other receivables | 192.5 | 199.3 | 203.2 |
| Total non-current assets | 4,895.5 | 5,054.3 | 5,101.7 |
| Current assets | |||
| Trading property | 26.2 | 116.6 | 32.9 |
| Trading stock | - | 10.7 | - |
| Trade and other receivables | 54.5 | 58.0 | 46.7 |
| Corporation tax asset | 0.7 | 0.7 | 0.7 |
| Cash and cash equivalents | 110.9 | 91.7 | 131.7 |
| Total current assets | 192.3 | 277.7 | 212.0 |
| Non-current assets held for sale | 106.7 | - | - |
| Total assets | 5,194.5 | 5,332.0 | 5,313.7 |
| Current liabilities | |||
| Borrowings | - | 252.4 | 231.6 |
| Leasehold liabilities | 0.5 | 0.4 | 0.5 |
| Trade and other payables | 171.6 | 169.0 | 168.0 |
| Provisions | 0.2 | 0.2 | 0.1 |
| Total current liabilities | 172.3 | 422.0 | 400.2 |
| Non-current liabilities | |||
| Borrowings | 1,405.7 | 1,298.6 | 1,255.0 |
| Leasehold liabilities | 52.5 | 34.0 | 40.5 |
| Provisions | 46.1 | 0.2 | 0.4 |
| Deferred tax | 2.6 | 1.4 | 2.3 |
| Total non-current liabilities | 1,506.9 | 1,334.2 | 1,298.2 |
| Total liabilities | 1,679.2 | 1,756.2 | 1,698.4 |
| Total net assets | 3,515.3 | 3,575.8 | 3,615.3 |
| Equity | |||
| Share capital | 5.6 | 5.6 | 5.6 |
| Share premium | 196.6 | 196.6 | 196.6 |
| Other reserves | 937.3 | 945.7 | 947.3 |
| Retained earnings | 2,375.8 | 2,427.9 | 2,465.8 |
| Total equity | 3,515.3 | 3,575.8 | 3,615.3 |
| Half year to 30.06.2026 Unaudited £m | Half year to 30.06.2025 Unaudited £m | Year to 31.12.2025 Audited £m | |
|---|---|---|---|
| Operating activities | |||
| Cash generated from operations | 58.4 | 73.6 | 272.5 |
| Interest received | 1.1 | 0.2 | 1.3 |
| Interest and other finance costs paid | (25.1) | (14.9) | (45.5) |
| Tax paid in respect of operating activities | - | (0.1) | (0.3) |
| Net cash from operating activities | 34.4 | 58.8 | 228.0 |
| Investing activities | |||
| Acquisition of properties | - | (13.7) | (13.7) |
| Capital expenditure 1 | (51.7) | (72.9) | (149.1) |
| Disposal of investment properties | 160.8 | 25.6 | 79.1 |
| Purchase of property, plant and equipment | (2.3) | (3.2) | (10.0) |
| Indirect taxes paid in respect of investing activities | (2.4) | (0.2) | (3.0) |
| Net cash from/(used in) investing activities | 104.4 | (64.4) | (96.7) |
| Financing activities | |||
| Proceeds of bond issue | - | 247.9 | 247.9 |
| Net movement in revolving bank loans | 149.5 | (68.5) | (110.5) |
| Drawdown of term bank loans | - | 82.5 | 82.5 |
| Payment of arrangement fees | (0.4) | (0.7) | (3.9) |
| Repayment of other loan | - | - | (20.0) |
| Repayment of secured bond | (175.0) | - | - |
| Repayment of unsecured convertible bond | - | (175.0) | (175.0) |
| Repayment of private placement notes | (55.0) | - | - |
| Settlement of derivative | - | (1.2) | (1.2) |
| Dividends paid | (61.3) | (59.1) | (90.8) |
| Share buyback | (17.4) | - | - |
| Net cash (used in)/from financing activities | (159.6) | 25.9 | (71.0) |
| (Decrease)/increase in cash and cash equivalents in the period | (20.8) | 20.3 | 60.3 |
| Cash and cash equivalents at the beginning of the period | 131.7 | 71.4 | 71.4 |
| Cash and cash equivalents at the end of the period | 110.9 | 91.7 | 131.7 |
| 2025 £m | 2024 £m | |
|---|---|---|
| Gross property and other income | 406.3 | 276.9 |
| Net property and other income | 199.6 | 198.3 |
| Administrative expenses | (39.1) | (41.1) |
| Revaluation surplus/(deficit) | 52.2 | (2.7) |
| (Loss)/profit on disposal | (2.2) | 1.9 |
| Profit from operations | 210.5 | 156.4 |
| Finance income | 2.1 | 0.3 |
| Finance costs | (50.5) | (39.9) |
| Movement in fair value of derivative financial instruments | (0.6) | (2.3) |
| Share of results of joint ventures | - | 1.5 |
| Profit before tax | 161.5 | 116.0 |
| Tax charge | (0.4) | (0.1) |
| Profit for the year | 161.1 | 115.9 |
| Basic earnings per share | 143.53p | 103.24p |
| Diluted earnings per share | 143.51p | 102.93p |
| 2025 £m | 2024 £m | |
|---|---|---|
| Non-current assets | ||
| Investment property | 4,828.6 | 4,670.1 |
| Property, plant and equipment | 68.1 | 52.0 |
| Pension scheme surplus | 1.8 | 1.8 |
| Other receivables | 203.2 | 201.0 |
| Total non-current assets | 5,101.7 | 4,924.9 |
| Current assets | ||
| Trading property | 32.9 | 115.7 |
| Trading stock | - | 17.5 |
| Trade and other receivables | 46.7 | 57.8 |
| Derivative financial instruments | - | 0.6 |
| Corporation tax asset | 0.7 | 0.4 |
| Cash and cash equivalents | 131.7 | 71.4 |
| Total current assets | 212.0 | 263.4 |
| Non-current assets held for sale | - | 25.7 |
| Total assets | 5,313.7 | 5,214.0 |
| Current liabilities | ||
| Borrowings | 231.6 | 194.1 |
| Leasehold liabilities | 0.5 | 0.4 |
| Trade and other payables | 168.0 | 174.7 |
| Provisions | 0.1 | 0.2 |
| Total current liabilities | 400.2 | 369.4 |
| Non-current liabilities | ||
| Borrowings | 1,255.0 | 1,269.4 |
| Leasehold liabilities | 40.5 | 34.2 |
| Provisions | 0.4 | 0.4 |
| Deferred tax | 2.3 | 0.8 |
| Total non-current liabilities | 1,298.2 | 1,304.8 |
| Total liabilities | 1,698.4 | 1,674.2 |
| Total net assets | 3,615.3 | 3,539.8 |
| Equity | ||
| Share capital | 5.6 | 5.6 |
| Share premium | 196.6 | 196.6 |
| Other reserves | 947.3 | 943.2 |
| Retained earnings | 2,465.8 | 2,394.4 |
| Total equity | 3,615.3 | 3,539.8 |
| 2025 £m | 2024 £m | |
|---|---|---|
| Operating activities | ||
| Cash generated from operations | 272.5 | 102.6 |
| Interest received | 1.3 | 0.3 |
| Interest and other finance costs paid | (45.5) | (38.3) |
| Tax paid in respect of operating activities | (0.3) | - |
| Net cash from operating activities | 228.0 | 64.6 |
| Investing activities | ||
| Acquisition of properties | (13.7) | (47.0) |
| Capital expenditure 1 | (149.1) | (139.9) |
| Disposal of investment properties | 79.1 | 85.5 |
| Purchase of property, plant and equipment | (10.0) | (1.6) |
| Indirect taxes (paid)/received in respect of investing activities | (3.0) | 1.1 |
| Net cash used in investing activities | (96.7) | (101.9) |
| Financing activities | ||
| Proceeds of bond issue | 247.9 | - |
| Net movement in revolving bank loans | (110.5) | 26.5 |
| Drawdown of term bank loans | 82.5 | 182.5 |
| Payment of arrangement fees | (3.9) | (0.7) |
| Repayment of other loan | (20.0) | - |
| Repayment of secured loan | - | (83.0) |
| Repayment of unsecured convertible bond | (175.0) | - |
| Settlement of derivative | (1.2) | - |
| Dividends paid | (90.8) | (89.6) |
| Net cash (used in)/from financing activities | (71.0) | 35.7 |
| Increase/(decrease) in cash and cash equivalents in the year | 60.3 | (1.6) |
| Cash and cash equivalents at the beginning of the year | 71.4 | 73.0 |
| Cash and cash equivalents at the end of the year | 131.7 | 71.4 |
| H1 26 | vs H1 25 | H2 25 | H1 25 | |
|---|---|---|---|---|
| Revenue to operating profit | ||||
| Revenue | 146.5 | +4% | 265.3 | 141.0 |
| Operating profit | 6.3 | −95% | 93.3 | 117.2 |
| Operating profit to net income | ||||
| Finance costs | (24.6) | +8% | (27.7) | (22.8) |
| Profit before tax | (17.9) | n/m | 67.5 | 94.0 |
| Tax | (0.7) | n/m | (0.9) | 0.5 |
| Net income (owners) | (18.6) | n/m | 66.6 | 94.5 |
| Per share | ||||
| EPS basic | (16.6p) | – | 59.3p | 84.2p |
| EPS diluted | (16.6p) | – | 59.6p | 83.9p |
| LTM Jun 26 | FY 25 | |
|---|---|---|
| Operating activities | ||
| Cash from operations | 203.6 | 228.0 |
| Interest paid | (55.7) | (45.5) |
| Tax paid | (0.2) | (0.3) |
| Investing activities | ||
| Capex (PP&E) | (9.1) | (10.0) |
| Financing activities | ||
| Dividends paid | (93.0) | (90.8) |
| Share buybacks | (17.4) | 0.0 |
| 30 Jun 26 | 31 Dec 25 | 31 Dec 24 | |
|---|---|---|---|
| Non-current assets | |||
| Property, plant & equipment | 69.1 | 68.1 | 52.0 |
| Investment property | 4,632.0 | 4,828.6 | 4,670.1 |
| Current assets | |||
| Trade receivables | 54.5 | 46.7 | 57.8 |
| Cash | 110.9 | 131.7 | 71.4 |
| Total assets | 5,194.5 | 5,313.7 | 5,214.0 |
| Current liabilities | |||
| Trade payables | 171.6 | 168.0 | 174.7 |
| Borrowings, current | 0.0 | 231.6 | 194.1 |
| Lease liabilities, current | 0.5 | 0.5 | 0.4 |
| Current liabilities | 172.3 | 400.2 | – |
| Non-current liabilities | |||
| Borrowings, non-current | 1,405.7 | 1,255.0 | 1,269.4 |
| Lease liabilities, non-current | 52.5 | 40.5 | 34.2 |
| Pension surplus / (deficit) | 1.9 | 1.8 | 1.8 |
| Non-current liabilities | 1,506.9 | 1,298.2 | – |
| Total liabilities | 1,679.2 | 1,698.4 | 1,674.2 |
| Equity | |||
| Total equity | 3,515.3 | 3,615.3 | 3,539.8 |
| 30 Jun 26 | 31 Dec 25 | 30 Jun 25 | 31 Dec 24 | |
|---|---|---|---|---|
| Non-current assets | ||||
| Property, plant & equipment | 69.1 | 68.1 | 61.8 | 52.0 |
| Investment property | 4,632.0 | 4,828.6 | 4,791.4 | 4,670.1 |
| Current assets | ||||
| Trade receivables | 54.5 | 46.7 | 58.0 | 57.8 |
| Cash | 110.9 | 131.7 | 91.7 | 71.4 |
| Total assets | 5,194.5 | 5,313.7 | 5,332.0 | 5,214.0 |
| Current liabilities | ||||
| Trade payables | 171.6 | 168.0 | 169.0 | 174.7 |
| Borrowings, current | 0.0 | 231.6 | 252.4 | 194.1 |
| Lease liabilities, current | 0.5 | 0.5 | 0.4 | 0.4 |
| Current liabilities | 172.3 | 400.2 | 422.0 | – |
| Non-current liabilities | ||||
| Borrowings, non-current | 1,405.7 | 1,255.0 | 1,298.6 | 1,269.4 |
| Lease liabilities, non-current | 52.5 | 40.5 | 34.0 | 34.2 |
| Pension surplus / (deficit) | 1.9 | 1.8 | 1.8 | 1.8 |
| Non-current liabilities | 1,506.9 | 1,298.2 | 1,334.2 | – |
| Total liabilities | 1,679.2 | 1,698.4 | 1,756.2 | 1,674.2 |
| Equity | ||||
| Total equity | 3,515.3 | 3,615.3 | 3,575.8 | 3,539.8 |
Read automatically from each results announcement. Check the source before relying on a figure.
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Company filings. Not investment advice.