23rd Feb 2022 16:09
(Alliance News) - Capital & Counties Properties PLC on Wednesday brought back dividends thanks to a strong second half as the company leaves the worst of the pandemic behind it.
"During summer 2021, we indicated that the worst of the pandemic may be behind us and I am pleased to report Covent Garden has had a strong second half of 2021," said Chief Executive Ian Hawksworth.
The London-focused property investor reported pretax profit for 2021 of GBP30.0 million, returning from a hefty GBP704.7 million loss a year before.
This came as total property return swung to 1.5% from a 24% loss in 2020.
Revenue slipped 8.0% to GBP68.0 million from GBP73.9 million.
EPRA net tangible asset per share at December 31 was largely flat at 212.4 pence, compared to 212.1p the year before. At end-December 2019, it came in at 292.9p.
Capco revived its final dividend at 1.5p per share.
"Early action has positioned the business strongly to benefit from recovery. Our successful implementation of leasing, public realm and marketing strategies has delivered the opportunity for growth," Hawksworth said.
"We will look to increase investment across the estate on repositioning opportunities to accelerate value creation. Further to this, we are tracking a number of targeted acquisitions in the surrounding area to expand our ownership. With our strong customer line-up and leasing pipeline, Covent Garden is well-positioned for further rental growth. Whilst there are prevailing economic headwinds, the West End economy is strongly placed to benefit from the continued normalisation of business and consumer activity."
Capco shares were up 0.1% to 165.20p each in London in late trade Wednesday, having ended 0.2% lower to ZAR33.58 each in Johannesburg.
By Greg Roxburgh; [email protected]
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