Capital & Regional posts 8.6 percent profit rise

Capital & Regional Plc has announced that the company delivered another strong set of results with adjusted profit, which reflects the underlying performance of the business, rising 8.6 percent to 29.1 million pounds (40.2 million dollars) and like-for-like net rental income was up 1.9 percent.

Commenting on the results, Lawrence Hutchings, the company’s Chief Executive, said in a media release: “This is another strong set of results. The board has announced a 7.4 percent increase in total dividend for 2017 and believes that both the momentum we have carried through into 2018 and our strategic asset management master plans, underpin our objective of delivering annual dividend growth in a range of 5 percent and 8 percent over the medium-term.”

The company said, given the challenging retail environment seen for much of the year, this is an endorsement of the resilience of the existing portfolio together with the impact of key asset management initiatives at Walthamstow and Wood Green, in particular, which positively impacted income in 2017. The company saw 79 new lettings and renewals during the year, achieved at an average 10.3 percent premium to previous rents and an 8.4 percent premium to ERV. Passing rent was up 3 percent on a like-for-like basis.

Picture:Capital & Regional website