• Inside Labour

    Terry Bell explores the connection between poultry, poverty and desperation.

  • A new ANC sweeper?

    Have the Guptas' new auditors mastered how to look the other way on cue, asks Solly Moeng.

  • Strategy for the big boys

    Formulating strategy across the span of huge companies is a marathon, says Ian Mann.

All data is delayed
Loading...
See More

Capco boosts profit to £95.2m

Jul 31 2012 15:30
I-Net Bridge

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.”

 

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...