Capital Shopping Centres (CSC) Group has recorded profit of £219 million in the six-month period to June 2010.
Underlying earnings, excluding valuation changes and exceptional items, rose 28 per cent to £43.3 million from £33.8 million the year before.
The improvement in property market conditions has helped contribute to the company’s strong trading performance.
Patrick Burgess, Chairman of CSC Group, said the results show there was a 7.7 per cent uplift in property valuations, which increased net asset value per share to 368 pence.
Today’s figures represent the first set of results since the demerger of the non–shopping centre activities, which completed in May 2010. At that point, Liberty International was renamed CSC Group and the firm’s central London business was listed as a separate listed company, Capital & Counties.
CSC has also been aided by significant trading levels at its top shopping centres, including Lakeside in Thurrock, Metrohead in Gateshead and Braehead in Scotland.
The current market value of these centres are £988 million, £801 million and £569 million respectively, with the former accounting for 20 per cent of CSC’s total market value.
Burgess commented: “Our unwavering focus on quality, with 13 prime centres all in the UK’s top 50 and a number of those among the UK’s very best, has been an important factor in CSC’s strong performance in the first half of 2010.
“We are now looking to drive growth in net rental income from lettings, lease expiries and rent reviews, with a particular opportunity from converting last year’s short–term lets into longer–term lets at higher rents.”