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Capital & Counties Properties swings to annual profit as revaluation losses narrow
StockMarketWire.com
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Real estate investment company Capital & Counties Properties swung to an annual profit as losses on revaluation and sale of property narrowed following the pandemic impact.
For the year ended 31 December 2021, pre-tax profit was £30 million compared with a loss of £704.7 million year-on-year, while revenue slipped to £68 million.
'Due to the impact of COVID-19 the 31 December 2020 valuation included an assumption on loss on near-term income of £27.0 million. This assumption has been reduced to nil in the 31 December 2021 valuation,' the company said.
Loss on revaluation and sale of investment and development property narrowed to £15.8 million from £693.1 million last year.
Proposed final 2021 dividend of 1.0 pence per share resulting in a full-year dividend of 1.5 pence per share
Story provided by StockMarketWire.com
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