Capital & Regional reports 1.7% growth in visitors

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British fashion

Against a challenging national backdrop, Capital & Regional reported a 1.7 per cent growth in visitor footfall for the first half of the year.

The property asset manager, which focuses on large stakes in shopping centres including The Malls in London’s Walthamstow and Wood Green, said 37.9 million shoppers had visited its stores during the six months to June 30.

The growth comes in stark contrast to the BRC and Springboard’s Footfall and Vacancy Monitor results also released this morning which reported a third monthly decline in footfall.

Capital & Regional said rental income had risen 1.3 per cent, although company voluntary agreements (CVAs) and insolvencies in the year to date net rental income by £0.4 million.

CVAs and insolvencies are expected to cost Capital & Regional around £1.2 million for the full year.

High occupier demand continued, with 96.9 per cent of the business’ shops operating for the half year, up from 95.5 per cent the year before.

Meanwhile adjusted profit came in at £15.5 million, up 6.9 per cent and setting the business on track for its fifth consecutive year of growth.

“This is a robust set of results which demonstrate that our strategy is delivering for our communities, our retailer customers and our shareholders,” chief executive Lawrence Hutchings said in light of the results.

“The combination of strong lettings progress which has driven increased like-for-like rental income, as well as growth in footfall, where we once again comfortably outperformed the national average.”

“This asset class continues to prove its importance in a polarising retail landscape,” Hutchings added.

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