C&R returns to profit

Capital & Regional has returned to the black with a full-year pretax profit of £46.4m compared with a loss last time of £113.4m. Net assets climbed from £129.8m to £174.5m and net asset value per share from 37p to 50p.

The retail and leisure investor made its first acquisition since 2007 at the beginning of the year – The Waterside Shopping Centre in Lincoln, for £24.8m.

John Clare, chairman, said the financial year began with the continued de-gearing of the group and fund balance sheets with a renewed emphasis on growth: “While retailers continue to experience challenging market conditions, the operating environment has proved more resilient than anticipated. The lack of any significant supply of new shopping centres, the shift in demand from the high street to out-of-town as well as the improved quality of the group’s underlying portfolios have all contributed to an increase in demand for space, a stabilisation in rental values and a boost in underlying income,” he said.