(Alliance News) - Capital & Counties Properties PLC on Tuesday reported a narrowed loss in the first half of the year, leading the London-focused property investor to bring back an interim dividend.
Capco recorded a narrowed pretax loss of GBP105.3 million for the six month ended June 30, from GBP441.1 million a year ago.
Loss on revaluation and sale of investment and development property narrowed to GBP92.4 million from GBP431.6 million.
Revenue fell 8.3% year-on-year to GBP34.9 million from GBP38.1 million.
EPRA net tangible assets on June 30 declined 6.1% to 199 pence per share from 212 pence on December 30.
Capco said: "The Covid-19 pandemic has continued to have a material impact on the financial results of the Group, reflecting the further period of significant disruption to our customers' businesses during much of the first half of the year."
"Capco's actions, commitment and creativity over the last 8 months have ensured that Covent Garden is the most vibrant district in the West End. We are confident that our approach and the quality of our estate, underpinned by our strong balance sheet, position Capco for recovery," the company added.
Capco brought back an interim dividend of 0.5 pence per share.
Capco said: "We are particularly pleased by the resilience of our high quality customer line up, the level of investment of new customers fitting out space and our strong leasing pipeline. Customer sales data is moving in the right direction with positive trajectory to date and it will be important this continues for the rest of the year to build towards the important Christmas trading period. The pace of rental decline has slowed and yields are stable reflecting the valuers' view on improving sentiment and the strength of demand for this prime central London estate."
Capco shares were down 2.8% at ZAR34.51 each in Johannesburg on Tuesday, and were up 0.1% at 168.90 pence each in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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