Canary Wharf owner Songbird hit by downturn

The company also saw underlying profit before tax slump from £28.8m to £4.6m. David Pritchard, chairman, said: “In 2011 the group remained successful across all activities ranging from construction through to leasing and asset management whilst continued steps were taken to drive future growth.” The company said that while demand for prime office space in London remained subdued supply was also constrained. However it said: “Overseas real estate investors and businesses are also still being attracted to the relative stability, transparency and traditional strengths of London as a pre-eminent global business centre.” The company’s preferred performance indicator, net asset value per share, was up 1.6pc at £1.90. On a pre-tax level Songbird slumped to a £212.8m loss. The figure was hit by a £288.7m cost on the movement of derivatives. Revaluation of the portfolio also drove down profit. However the company said it was looking forward to a boost from the attention generated by this summer’s events. Mr Pritchard said: “In an eventful year both the Olympic Games and the Queen\'s Jubilee celebrations will promote London to a global audience. The Olympic Games will, in particular, place both the East End and Canary Wharf at the forefront of the world\'s attention which is likely to further enhance their respective profiles and emphasise the eastward shift of London\'s centre of gravity.”