LONDON (ShareCast) - (ShareCast News) - Capital & Regional has swung to a full-year pre-tax loss but kicked out a higher dividend in what it billed as a strong performance.
Chairman John Clare said he was pleased that full-year adjusted profit had grown 11.7% to £26.8m.

"This represents another strong performance in a year where the focus has shifted decisively towards boosting income from delivery of the asset management and development initiatives across the portfolio," said Clare in a statement.

Pre-tax loss for the 12 months was £4.5m, from a profit of £97.6m. The just-finished period suffered a £14.2m revaluation loss on investment properties, from a £68.0m gain.

Total dividend was bumped 8.7% higher to 3.39p a share, which was ahead of guidance.

This rise in dividend reflected Capital & Regional's confidence in the growth prospects of the business, underpinned by its ongoing capex investment.

"The board is reaffirming its commitment to a target of annual dividend growth in the range of 5-8% in the medium-term," said Clare.

At 13:31 shares in Capital & Regional were flat at 59.25p each.

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