Capital & Regional hails 'strong' year as footfall recovers

Capital & Regional reported a jump in revenues on Thursday, as retail footfall continued to strengthen post pandemic.

The real estate investment trust, which owns a portfolio of in-town shopping centres, said revenues in the year to 31 December 2022 rose 11% £60.6m, while net rental income increased 17% to £23.5m. Adjusted profits jumped nearly 58% to £10.3m.

The net asset value was £179.1m, compared to £168.4m a year previously.

The property portfolio value fell, however, to £322.8m from £352.4m at the end of 2021.

Lawrence Hutchings, chief executive, said: "Despite the broader macro-economic headwinds throughout the year, the continued retail recovery from Covid and a robust Christmas trading season has helped us drive a strong operational performance in 2022."

Footfall for the year in the company’s centres was 27% ahead of 2021, and up 84% on 2019.

Looking to the current year, Hutchings acknowledged that macroeconomic conditions continued to present "a challenging backdrop, most prominently through the impact of inflationary pressure on the consumer".

But he continued: "We are encouraged by our operational resilience and a growing appreciation of the critical role which physical stores play in successful omnichannel retailing. We believe we are well-positioned to continue to navigate the current cyclical pressures."

As at 0945 GMT, shares were largely flat at 147.6p.