LONDON (ShareCast) - (Sharecast News) - Capital & Counties reported a mixed year in its final results on Wednesday, with underlying net rental income increasing to £57.2m from £48.9m in 2021, while it swung to a loss for the year of £211.8m, in contrast to the £34.8m profit it recorded in the prior year.
The FTSE 250 company said that despite the challenging financial results, its shareholders would receive a 2.5p per share dividend for 2022, up from 1.5p in 2021.

Its total property value remained steady at £1.8bn, while the total portfolio value dropped to £2.2bn from £2.4bn in 2021.

CapCo's total property return was 2.8%, up from 1.9% in 2021.

The group's net debt-to-gross assets ratio increased to 28% from 24% in 2021, while the total equity dropped to £1.6bn from £1.8bn in 2021.

Its EPRA net tangible assets per share came in at 182.1p, down from the 213p per share recorded a year ago.

"There is positive momentum across the Covent Garden estate with strong demand, high occupancy levels and rental growth across all uses which has continued into 2023," said chief executive officer Ian Hawksworth.

"Despite the macroeconomic backdrop, the West End has clearly demonstrated its resilience and enduring appeal with strong recovery in footfall and customer sales ahead of pre-pandemic levels.

"We therefore look ahead with confidence to completing the merger of Capco and Shaftesbury on 6 March to create the leading central London mixed-use REIT, Shaftesbury Capital."

Hawksworth said the combination would create an "impossible to replicate" £4.9bn portfolio located within "some of the most iconic" destinations of the West End.

"Backed by a strong balance sheet, we aim to deliver long-term economic and social value for our stakeholders."

At 1003 GMT, shares in Capital & Counties Properties were down 4.27% at 121p.

Reporting by Josh White for Sharecast.com.

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