(Alliance News) - Capital & Regional PLC on Wednesday reported positive operational momentum following the reopening of non-essential retail shops in England.
The London-based manager of property assets said 95% of its units, comprising 602 stores, have re-opened and are trading across its seven shopping centres. Footfall in the two weeks since the re-opening of non-essential retail on April 12 has more than doubled on the prior two weeks.
"Footfall is recovering to some of the strongest levels we have seen since the start of the pandemic, running at approximately 80% against the corresponding weeks of 2019," noted Chief Executive Lawrence Hutchings.
Occupancy remained strong at 90.9% at March 31, Capital & Regional noted, with 53% of the quarterly rent due on or since March 25 received. In total the company said it has received 59% of the rent due for the year to date.
As at the end of March, Capital & Regional had total cash on balance sheet of over GBP75 million, which is equivalent to more than one year's gross revenue.
"The re-opening of non-essential retail is a critical milestone on the pathway back to a stabilised trading environment and provides the first step towards unwinding the significant levels of uncertainty impacting the physical retail industry," added Hutchings.
Capital & Regional shares were trading 3.0% higher in London on Wednesday at 85.48 pence each, while in Johannesburg, the stock was flat at ZAR16.66 a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Capital & Regional (CAL)