Capital & Regional (CAL)

Sector:

Real Estate

Index:

FTSE Small Cap

62.80p
   
  • Change Today:
    -0.40p
  • 52 Week High: 71.40p
  • 52 Week Low: 49.20p
  • Currency: UK Pounds
  • Shares Issued: 233.00m
  • Volume: 69,459
  • Market Cap: £146.32m
  • RiskGrade: 438

Capital & Regional dividend growth limited by retailer CVAs

By Oliver Haill

Date: Tuesday 14 Aug 2018

LONDON (ShareCast) - (Sharecast News) - Capital & Regional saw the net asset value of its seven shopping centres dip in the first half of the year and said it expects full year dividend growth to be at the low end of its target range.
Valuation of the group's wholly-owned portfolio of £883.4m at 30 June was 0.4% lower in the six months from December, with net asset value per share of 66p, which was down 2.9% over six months.

The dip in the value of the portfolio led to a total revaluation loss, net of capex and joint ventures, of £12.4m, resulting in a near halving of IFRS profit for the period to £6.7m from £12.1m.

But Capital & Regional, which owns shopping malls in Blackburn, Hemel Hempstead, Ilford, Luton, Maidstone, Walthamstow and Wood Green and has a 20% joint venture share of the Kingfisher Centre in Redditch, said if you excluded property revaluations and exceptional items, adjusted profits were up 6.9% to £15.5m, with adjusted earnings per share up 4.4% to 2.15p.

Net rental income on its seven core centres of £26.0m was £1m higher than the same period a year ago, thanks to like for like rental growth of 1.3%. Contracted rent of £62.3m was little changed from a year ago, as 44 new lettings and renewals were completed in the period at a combined average premium of 3.4% to previous passing rent and a 3.3% premium to estimated rental value.

The board hiked the interim dividend 5.2% to 1.82p per share and chief executive Lawrence Hutchings said that given the short-term impact of recent profile retail wobbles, CVAs and administration, the board expects full year dividend growth in 2018 to be at the low end of its medium-term target range of 5-8% per year.

"We remain confident that the combination of our in-house expertise and the strength and affordability of our underlying assets will enable us to successfully remerchandise and evolve our centres to maintain positive momentum," said Hutchings, adding that his cost efficiency programme was "on track" to meet the 2016 target of at least £1.8m of annualised savings by the end of this year.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

CAL Market Data

Currency UK Pounds
Share Price 62.80p
Change Today -0.40p
% Change -0.63 %
52 Week High 71.40p
52 Week Low 49.20p
Volume 69,459
Shares Issued 233.00m
Market Cap £146.32m
RiskGrade 438

CAL Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
84.47% above the market average84.47% above the market average84.47% above the market average84.47% above the market average84.47% above the market average
89.47% above the sector average89.47% above the sector average89.47% above the sector average89.47% above the sector average89.47% above the sector average
Price Trend
75.79% above the market average75.79% above the market average75.79% above the market average75.79% above the market average75.79% above the market average
85.37% above the sector average85.37% above the sector average85.37% above the sector average85.37% above the sector average85.37% above the sector average
Income
94.11% above the market average94.11% above the market average94.11% above the market average94.11% above the market average94.11% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Growth
91.07% below the market average91.07% below the market average91.07% below the market average91.07% below the market average91.07% below the market average
83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average

What The Brokers Say

Strong Buy 2
Buy 2
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

CAL Dividends

  Latest Previous
  Interim Final
Ex-Div 05-Sep-24 11-Apr-24
Paid 27-Sep-24 07-Jun-24
Amount 2.85p 2.95p

Trades for 31-Oct-2024

Time Volume / Share Price
16:35 22,786 @ 62.80p
16:35 3,022 @ 62.80p
16:35 8,481 @ 62.80p
16:35 10,000 @ 62.80p
16:35 1,283 @ 62.80p

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