Shares digital

Songbird Estates (SBDB:AIM) – Finals PTP: £182m (£884.1m) Divi: n/a (n/a)

Pretax profits slumped to £182 million, with adjusted net asset value per share falling18.6% to £2.15 following the payment of dividends. A regular dividend policy has not been adopted by Songbird but a total of 70.5p per share has been paid out throughout the course of the year.

The group’s property portfolio has, unsurprisingly, not remained immune from the slowdown in the UK commercial property market and a fall in values, but Songbird remains upbeat about future prospects thanks to its low vacancy levels and the high quality of its assets. Rental income increased 7.7% during the year to £275.3 million on the back of increased occupancy at its Canary Wharf Estate. But the shares did little to show their enthusiasm, slipping 3% to 129.5p.

Shares says: The shares have been on a downward spiral for the past year and this looks unlikely to change in the near term. AVOID

by: Rachel Robson