8th Mar 2024 10:14
(Alliance News) - Capital & Regional PLC said on Friday it had improved its final dividend as it looks set to deliver strong profit.
The London-based real estate investment trust also reported that its new auditor, Mazars LLP, had requested a delay in publishing its financial results. The company had planned to release its results in early this month.
It said it is unable to confirm a date for its full-year results.
Capital & Regional lifted its final dividend to 2.95 pence, up 7.3% from 2.75p. The total payout is up 8.6% to 5.70p from 5.25p.
Adjusted profit is expected rise 23% to GBP12.7 million in 2023, from GBP10.3 million in 2022.
The company said it achieved 86 new lettings and renewals in 2023, up from 80 in 2022. Footfall increased 1.5%, with 44.5 million shopper visits in 2023.
The occupancy rate inched down to 93.4% as at December 31, from 94.1% at December 31,2022, with the marginal decline being due to Wilko's administration.
Rent collection grew to 99.0% for 2023 from 97.6% in 2022.
"Our ongoing focus on delivering our proven community centre strategy and increasing our weighting to non-discretionary and needs-based retail and services categories has helped us deliver another positive year of progress," Chief Executive Officer Lawrence said.
Shares in Capital & Regional were 2.2% higher at 52.74 pence on Friday morning in London. They were flat at ZAR12.50 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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