Profits at Capital Shopping Centres boosted by Trafford Centre
Capital Shopping Centres, owner of the Trafford Centre and St David's Cardiff, has reported a 3% rise in retail like-for-like sales at its centres for the year to 30 June. Footfall also grew at the same rate.
The group, which owns 14 shopping centres throughout the UK, said occupancy rates had fallen by 1% to 97% due to a number of tenant failures around its June quarter date. It said it had secured 80 long-term lettings in the half-year which had resulted in additional £5 million in rent and said it was also benefitting from the popularity of short-term lets during the current economic conditions.
Net rental income from continuing operations was up 32% to £178 million, from £135 million in the first half of last year, while underlying earnings grew 53% to £66 million from £43 million with the acquisition of the Trafford centre contributing to the strong growth.
David Fischel, CEO of CSC Group, commented: “With six per cent growth in like-for-like (LFL) net rental income and increased footfall at our centres, CSC has delivered a sound operating performance in the first half of 2011."
He added: “The Trafford Centre has proved an excellent addition and the group has a range of active management projects and extensions in the pipeline to deliver future growth.”
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