Profits at Capital Shopping Centres boosted by Trafford Centre
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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