Capshop final results December 2011
CSO
Posted Thu, 23 Feb 2012
Revenue from continuing operations grew to GBP516.1 million (GBP420.3 million) and operating profit fell to GBP474.4 million (GBP733.6 million). Profit from continuing operations attributable to ordinary equity holders of the group amounted to GBP30 million (GBP428.8 million), while headline loss per share was recorded at GBP13.3pps (loss of GBP5.3pps).
Dividend
The directors of Capital Shopping Centres Group PLC have proposed a final dividend of GBP10pps to bring the total dividend per ordinary share for the year to GBP15pps.
Prospects
CapShop's base case assumption is that the UK economy will continue to experience low growth for some time, with continuing risk of tenant failures and closures on expiry of leases. Our specialist skills and relationships enable us to manage those risks while identifying and developing those shopping centres which have the most potential to produce attractive returns over the medium to long term.
Capshop is well positioned to create value as the market recovers. Strategic priorities for 2012 are:
*to optimise the performance of our existing assets, prioritising medium-term value creation
*to identify further initiatives and create the financing flexibility to advance CSC's business and deliver incremental returns
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