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Capital & Regional PLC reported on Tuesday its annual profit crashed in 2023, and said it had taken a cautious stance on capital allocation given the company’s uncertain outlook. The London-based real estate investment trust delayed its results on request of its new auditor, Mazars LLP. For 2023, pretax profit plunged 98% to £100,000 from £5.0 million in 2022. The sharp drop in profit came after the company swung to ‘other losses’ of £100,000, compared to gains amounting to £15.6 million a year earlier. Revenue rose 3.7% to £59.0 million from £56.8 million. Occupancy inched down to 93.4% from 94.1%, while rent collection improved to 99.2% from 97.6%. Capital & Regional declared total dividend of 5.70 pence per share for 2023, up 8.6% from 5.25p. Earnings per share plummeted 73% to 2.0p from 7.3p, while headline earnings per share rose 6.7% to 6.4p from 6.0p, reflecting gain from disposal. Net asset value per share dropped 15% to 90p from 106p. ‘Our ongoing focus on delivering our proven community strategy and increasing our exposure to non-discretionary and needs based retail and services categories, continues to support our progress and has helped us deliver another positive set of results,’ Chief Executive Chief Executive Officer Lawrence Hutchings said. Given the uncertain outlook in the first part of this year, Capital & Regional said it will adopt a cautious approach to capital deployment. Shares in Capital & Regional were 3.7% higher at 51.35 pence on Tuesday morning in London. They were flat at R 12.00 in Johannesburg. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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