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Interim Results

Capital & Regional adjusted profits up

10 August 2017 09:55

Capital & Regional's adjusted profits rose to £14.5m in the six months to the end of June - up 6.6% and setting the business on track for its fourth consecutive year of adjusted profit growth.

Adjusted earnings per share increased to 2.06p - up from 1.94p last time.

The group posted an IFRS profit of £12.1 million compared with a loss of £4.4 million last time.

Chief executive Lawrence Hutchings said: "This is a strong set of results which reflect that whilst elements of the retail sector may face challenges, the continued strong occupier demand for our centres as well as the local and convenient nature of our assets, which cater for the non-discretionary and value-orientated needs of our shoppers, gives us great comfort over the security of our income.

"This, allied with our proven track record of driving income and delivering results through selective but significant capital expenditure investment, underpins the future growth potential of the business.

"We also see opportunity to further enhance profitability by seeking greater efficiency in our operating platform and streamlining our structure through various initiatives.

"Some of these are already delivering tangible results and we are initially targeting annualised savings of at least £1.8 million by 2018, equivalent to a c 20% reduction in 2016 central costs.

"Reflecting the strong feeling of confidence in the future growth prospects of the business, the board has announced an interim dividend of 1.73p, representing a 6.8% increase on the prior year.

"With the second half of the year set to comparatively benefit from several major lettings coming on stream and the timing of recent acquisitions and disposals we expect the Full Year 2017 Dividend will be at the top end of our targeted growth range of at least 5% to 8% per annum."

At 9:55am: (LON:CAL) Capital Regional PLC share price was +1.63p at 57.63p

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