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Interim Results

Capco total return edges up

21 July 2017 08:16

Capital & Counties Properties' has reported a total return of 0.1% for the six months to the end of June compared with a 5.5% fall in the 2016 full-year.

Equity attributable to owners of the parent was stable at £2.8 billion; EPRA NAV adjusted marginally by 0.1 per cent to 339.1p and the proposed interim dividend of 0.5p per share - unchanged from a year ago.

Chief executive Ian Hawksworth said: "Our two central London estates have had an active start to the year.

"Covent Garden which now represents two thirds of our business is established as a world class retail and dining destination and continues to deliver positive rental and value growth.

"There has been strong operational progress across the estate with 43 new leasing transactions signed during the period, including brands such as Kent & Curwen, and a number of new openings including The Henrietta Hotel.

"Our ERV target of £125 million by December 2020 remains in place, reflecting the positive growth prospects of the estate. "At Earls Court land enablement works are on track and we continue to progress plans for the enhanced Masterplan to maximise the potential of this strategic land holding.

"At Lillie Square, we have now pre-sold over half of the entire development and handover of Phase 1 is expected to complete by the end of the year.

"Following the sale of Venues and the financing activities undertaken during the period, Capco enters the second half of the year with a strong balance sheet, low leverage and high liquidity.

"Whilst the broader macroeconomic and political outlook remains uncertain, Capco is very well positioned to drive long-term value creation from its two unique estates and take advantage of opportunities to create further value as they arise."

At 8:16am: (LON:CAPC) Capital Counties Properties PLC share price was -3.7p at 307.5p

Story provided by StockMarketWire.com

Related Company: CAPC

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