Intu reports "strong" full year results
today Feb 29, 2016
British shopping centre management company intu Properties just reported a "strong set of results" for the full year to December 31, 2015.
CEO David Fischel said: "We are pleased to report a strong set of results for 2015 with a 7 per cent increase in underlying earnings per share and a 4 per cent revaluation surplus taking investment properties to £9.6 billion. Particularly encouraging was the return to like-for-like growth in net rental income, the result of quality lettings in aggregate 10 per cent ahead of previous passing rent, improved occupancy at 96 per cent and benefits from our investment programme with projects successfully concluded in 2015 in Nottingham, Newcastle and Stoke-on-Trent."
He also said consumer confidence is positive as economic recovery spreads out from London and the south east to the regions, driving demand for space in intu's centres. The company expects to undertake around £600m of mixed retail and leisure projects in the next three years in the UK. It will also commence its major Spanish shopping resort development, intu Costa del Sol.
Net rental income rose by 8% in the period and the company reported a £518m profit for the year. It had cash and available facilities of £588 at 31 December 2015, with a further £202m received from the disposal of Equity One shares in January 2016.
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