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Capco boosts profit to £95.2m

Jul 31 2012 15:30 I-Net Bridge

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Johannesburg - UK property development company Capital and Counties has reported a strong rise in profit‚ to £95.2m for the six months ended June 2012 from £68.6m a year earlier.

The group reported a good valuation performance across all three of its estates - Covent Garden‚ Earls Court and Olympia and The Great Capital Partnership.

Its net asset value rose to 177 pence per share from 166 pence a year ago and its total property value grew 4.8% to £1.6bn.

Net rental income was lower‚ at £34.1m from £36.7m a year ago‚ but the group reported a gain on revaluation of its investment property to £70.4m from GBP39.5m.

It has proposed an interim dividend of 0.5 pence per share - unchanged from a year ago.

“This is another strong set of results from Capco as we work to unlock value from our prime central London assets. The creative regeneration of Covent Garden is driving growth‚ there is positive momentum at Earls Court and Seagrave Road‚ and our successful recycling of capital gives us a strong balance sheet and the ability to capitalise on future opportunities across our estates‚” CE Ian Hawksworth said.

Looking ahead‚ Hawksworth said Capco had continued to drive performance across its estates during 2012.

Covent Garden offered potential for continued growth through the further evolution of the commercial tenant mix‚ and the residential opportunity on the upper floors.

Long-term plans for more significant intervention in certain parts of the estate were being evaluated.

The first formal planning consent in the Earls Court area at Seagrave Road was an important milestone. “We remain hopeful that further positive decisions will be made by the local authorities over the remainder of 2012‚” he said.

“While mindful of the continued uncertain macroeconomic environment‚ Capco’s estates are strongly positioned within central London‚ which is firmly established as an important global city. We continue to make good progress towards realising our longer term goals.”

 
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