Improved performance at Capital & Regional
Published: 23 August, 2011
Capital & Regional unveiled a strong set of results for the first half of 2011, with asset values and profits up. But it announced plans to exit its X-Leisure fund to concentrate on the Mall and Junction funds
Profit before tax for the six months ended 30 June 2011 period was £21.2m compared to £17.5m a year previously. Net assets per share strengthened to £0.56, up £0.06, or 12 per cent since 30 December 2010 .
The Mall's footfall has outperformed the national footfall index, with an increase of 2.1per cent in shopper numbers over the first 32 weeks of the year compared to a decline of 0.7% in the national index, demonstrating the well positioned nature of the portfolio and is supportive evidence that people are shopping locally due to higher fuel costs.
Chief Executive Hugh Scott-Barrett said: “Capital & Regional is a much more resilient business today following the restructuring of the portfolio and change in business mix over the last 12 months. We are therefore better placed to deal with the current challenging market conditions.
“While we will continue to selectively eye disposals, the focus is shifting to unlocking development potential in The Mall and The Junction. We are also now exploring with our partners strategic options on how best to secure the long-term future of The Mall well ahead of the refinancing of the CMBS in 2015. Given our intended focus on shopping centres and retail parks we will look to realise the value of our investments in X-Leisure.”
