1st Aug 2024 13:44
(Alliance News) - Capital & Regional PLC on Thursday said its first-half financial performance was on the back of "positive" occupier-led demand.
The London-based real estate investment trust delivered a 4.1% rise in pretax profit from continuing operations to GBP5.1 million for the first six months that ended June 30 from GBP4.9 million a year before.
Revenue from continuing operations grew 21% to GBP34.5 million from GBP28.5 million, with net rental income up 17% to GBP13.7 million from GBP11.7 million.
The occupancy rate improved to 93.9% as at June 30 from 93.4% at December 31, due to re-letting the three former Wilko units. Rent collection rose to 99.2% for the first half, from 98.4%.
Capital & Regional boosted its interim dividend to 2.85 pence, up 3.6% from 2.75p.
Earnings per share plunged 44% to 2.0p from 3.6p, while headline EPS dropped 32% to 2.8p from 4.1p.
As at June 30, net asset value per share slumped 17% to 88p from 106p at December 31, due to the increased number of shares in issue following the June 2024 scrip dividend.
"We have delivered another positive set of results during the first half of 2024, with our proven community strategy continuing to support our progress," Chief Executive Officer Lawrence Hutchings said.
Capital & Regional remains well placed to continue to deliver on its successful community strategy to drive income growth and value in support of progressive shareholder dividends, Hutchings said.
Shares in Capital & Regional rallied 3.3% to 67.13 pence on Thursday afternoon in London, while they rose 0.7% to ZAR16.03 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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