Intu Properties PLC- Half year report for the six months ended 30 June 2019

Posted On Wednesday, 31 July 2019 12:18 Published by
Rate this item
(0 votes)

Matthew Roberts, intu Chief Executive, commented: “The first half of 2019 has been challenging for intu.

 -MATTHEW-ROBERTS-

We have experienced further downward pressure on like-for-like net rental income and property values resulting from a higher level of administrations and CVAs as some retailers struggle to remain relevant in a multichannel world.

These challenges, facing intu and the whole sector, have been well-documented and, while there are no quick fixes, I am confident that we can address them head on. Over the past nine months we have carried out the most comprehensive review of the business that intu has ever undertaken.

We know radical transformation is required and have developed a new, ambitious five-year strategy to reshape our business and address the challenges we face, with a priority to fix our balance sheet. With the people changes we have made, we now have the right leadership team in place with the appropriate skill sets to deliver this plan and drive the business forward.

Regardless of current sentiment, one thing is clear: the physical store is not dying, it is evolving. The right store in the right location are starting to work with them as partners sharing the risks and rewards.

Our centres will also transform as we turn them into thriving communities’ places where people want to live, work and have fun, as well as shop.

Change will not happen overnight, but I am confident we have the right plan in place and an energised, dynamic team to deliver it.”

Last modified on Wednesday, 31 July 2019 17:48

Most Popular

Exemplar REITail Acquires Katale Square Shopping Centre

Sep 23, 2019
 JASON MCCORMICK
Real estate investment trust, Exemplar REITail, has acquired Katale Square shopping…

Mall of Africa Celebrates Launch of New Generation Pick n Pay Store

Sep 23, 2019
 MOA PNP  1
Today Mall of Africa welcomed one of South Africa's biggest grocery retailers to the…

Grit Real Estate financial results for the year-ended 30 June 2019

Sep 30, 2019
 BRONWNY CORBETT
London Stock Exchange listed Grit, the only listed Africa-focused income distribution…

4AX listed Heartwood Properties reveals positive financial results

Sep 23, 2019
 JOHN WHALL
Commercial property development company, Heartwood Properties , has revealed a 30%…

Reserve Bank keeps repo rate unchanged

Sep 23, 2019
 LESETJA KGANYAGO
 South African Reserve Bank Governor Lesetja Kganyago on Thursday said this is in line…

Please publish modules in offcanvas position.