skip to content

Annual Results

Capital & Regional adjusted profits up 11.7%

09 March 2017 07:46

Capital & Regional's adjusted pre-tax profits rose by 11.7% to £26.8m in the year to 30 December.

The group said this was an excellent result in a year where, building on the solid foundations it had created over the last few years, its focus shifted decisively towards boosting income from delivery of the asset management and development initiatives across the portfolio.

It said the performance was all the more creditable as, during the course of the year, the BHS administration, while providing a medium term opportunity to create value and improve the tenant mix, did inevitably result in a short term loss of income.

NAV per share as at 30 December was 68p compared with 72p at the beginning of the year.

This reflected the impact of one-off costs associated with the successful long-term refinancing of the group's core banking arrangements, the impact of stamp duty increases as well as the modest fall in valuations since the EU referendum in June.

It said: "Whilst the EU referendum vote did slow investment activity, the core portfolio has proven to be very resilient with valuations adjusted for capex down only 2%, supported by a steady volume of transactional evidence for assets in London and the South East."

The group posts an IFRS loss of £4.4 million compared with a profit of £100 million last time.

It said this reflected a non-cash revaluation loss, partially reversing the strong unrealised valuation gain recognised in 2015, together with the £11 million charge in relation to implementing the new long-term debt structure.

Chairman John Clare said: "I am pleased to report that Adjusted Profit has grown by 11.7% to £26.8 million.

"This represents another strong performance in a year where the focus has shifted decisively towards boosting income from delivery of the asset management and development initiatives across the portfolio.

"The results have supported an increase in the dividend for the year of 8.7%, ahead of previous guidance.

"Reflecting our confidence in the growth prospects of the business, underpinned by our ongoing Capex investment, the Board is reaffirming its commitment to a target of annual dividend growth in the range of 5-8% in the medium-term."

Story provided by StockMarketWire.com

Related Company: CAL

Info Point:

To buy or sell shares call our Dealing Room on 0113 243 6941.

Too much jargon? Our glossary will help make sense of things.

Find out more about our Share Dealing Services.

Client Area Access

» Secure Login

» Not registered yet?

aew-banner-180x255.jpg -

Branch Finder

Redmayne-Bentley have High Street branches throughout the UK. Find your nearest branch.