Capital & Regional plc AGM Trading Update (5685A)
25 Mai 2023 - 8:00AM
UK Regulatory
TIDMCAL
RNS Number : 5685A
Capital & Regional plc
25 May 2023
25 May 2023
UK company number 01399411
LSE share code: CAL
ISIN: GB00BL6XZ716
LEI: 21380097W74N9OYF5Z25
CAPITAL & REGIONAL PLC
("Capital & Regional" or the "Company" or the "Group")
AGM Trading Update
Capital & Regional, the UK convenience and community focused
shopping centre REIT, today provides an update on trading and
developments within its property portfolio ahead of its Annual
General Meeting later this morning.
Lawrence Hutchings, Chief Executive, commented: "Capital &
Regional's operational performance remains robust, with the
affordability of our rents and focus on value orientated,
non-discretionary and needs based retail and services allowing us
to continue to complete leasing transactions at significant average
premiums to previous passing rent and ERV. We continue to progress
several exciting repositioning projects across the portfolio that
are accelerating the remerchandising of our centres and supporting
our target of increasing Adjusted Profits by more than 20% in the
medium term.
"We are confident that the strong operational performance and
defensive nature of our assets, allied to the actions taken over
the last two years to reposition the Company and its balance sheet,
leave us well placed to continue to perform, despite some of the
current broader economic uncertainties. We will also continue to
explore selective opportunities to grow the business and further
utilise our best-in-class skills and management expertise in
delivering our proven community centre strategy."
-- In the four months to the end of April 2023, Capital &
Regional completed 29 new lettings and renewals for a combined rent
of GBP0.7 million, 14.3% ahead of previous passing rent and 17%
ahead of ERV. The Company has a pipeline of more than 40 deals
where heads of terms have been agreed and/or are currently in legal
documentation representing annualised rent of more than GBP2.7
million.
-- Footfall in the four months to the end of April 2023 was 4.8%
ahead of 2022 and represented 84.4% of the equivalent period for
2019, (or 88% of the equivalent period for 2019 excluding
Walthamstow where footfall is impacted by one of the entrances
being closed due to the residential development).
-- Occupancy at 30 April 2023 increased by 10 basis points from December 2022 to 94.2%.
-- Rent collection for the current financial year to the end of
April 2023 is 96.9%, in line with pre-Covid levels. Rent collection
for the 2022 financial year has now improved to 98.4% (up from
97.6% at the time of the Group's year end results announcement in
March 2023).
-- We are on site delivering a number of key capital expenditure
projects across the portfolio. At Ilford work is ongoing to create
a new anchor unit for TK Maxx and the new NHS community healthcare
centre with openings expected in late 2023 and summer 2024,
respectively. At Walthamstow the new Crate Food Hall is fitting out
ahead of a planned opening this summer, while Long Harbour is
continuing construction of nearly 500 apartments in two residential
towers above the shopping centre.
-- Snozone had a strong start to the year enjoying its first
peak trading quarter unimpacted by Covid since 2019. Revenue and
EBITDA for the UK operations for Q1 2023 were 5% and 6% higher than
2019, respectively. Snozone Madrid also contributed its strongest
trading quarter since the Group took over operations in February
2021, with the actions undertaken since acquisition significantly
improving profitability.
- ENDS -
For further information:
Capital & Regional plc 020 7932 8000
Lawrence Hutchings
Stuart Wetherly
FTI Consulting 020 3727 1000
Richard Sunderland
Maria Saud
Katie Hughes
capreg@fticonsulting.com
About Capital & Regional plc:
Capital & Regional is a UK focused retail property REIT
specialising in shopping centres that dominate their catchment,
serving the non-discretionary and value orientated needs of the
local communities. It has a strong track record of delivering value
enhancing retail and leisure asset management opportunities across
its portfolio of in-town shopping centres.
Using its in-house expert property and asset management platform
Capital & Regional owns and/or manages shopping centres in
Hemel Hempstead, Ilford, Maidstone, Redditch, Walthamstow and Wood
Green.
Capital & Regional is listed on the main market of the
London Stock Exchange (LSE) and has a secondary listing on the
Johannesburg Stock Exchange (JSE)
For further information see www.capreg.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTBRGDULGDDGXS
(END) Dow Jones Newswires
May 25, 2023 02:00 ET (06:00 GMT)
Capital & Regional (LSE:CAL)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Capital & Regional (LSE:CAL)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024