Capco H1 underlying earnings slow to GBP4.2m v GBP7.8m

Posted On Wednesday, 29 July 2015 23:21 Published by
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Capital and Counties Properties reports underlying earnings of GBP4.2m in the six months to June, down from GBP7.8m a year ago.

Ian Hawksworth

Capital and Counties Properties (Capco‚ CCO) on Wednesday reported underlying earnings of £4.2m in the six months to June‚ down from £7.8m a year ago.

The owner of London’s trendy eat‚ shop and play precinct Covent Garden said net rental income rose to £38.5m from £37.4m.

“Our two London estates have had a positive and active start to the year. Covent Garden is established as a leading destination for global brands wishing to come to London and demand for the estate across all uses is strong‚” CEO Ian Hawksworth said in a statement.

Hawksworth said it entered the second half of the year with a strong balance sheet and a clear strategy to drive long term value creation for its shareholders. 

"The balance sheet remains robust and flexible and we have continued to significantly invest in our London estates. Following the placing last year, we have successfully deployed the proceeds, acquiring over 30 properties and successfully commencing our development and demolition plans. We are clear and focused on our delivery strategy and with two unique assets are well-positioned to drive long-term value for our shareholders," Hawksworth said.

The company declared an interim dividend per share of 0.5 pence.

Last modified on Friday, 31 July 2015 04:17

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