Half Year 2024 Capital & Regional PLC Earnings Call Transcript
Key Points
- Capital & Regional PLC (FRA:XC2R) reported a successful first half of 2024 with 48 leases signed, an increase in both deal count and total rent secured compared to the previous year.
- Occupancy rates improved to 93.9% from 93.4% in December, indicating strong leasing efforts.
- Rent collection reached a record high of 99.2%, showcasing the vibrancy and profitability of their locations.
- Adjusted profit increased from GBP7 million to GBP8.2 million, leading to a 3.6% increase in the first half dividend.
- The company successfully integrated the Argyle acquisition, resulting in a 17.1% growth in both NRI and adjusted profit.
- Despite the overall positive performance, adjusted profit per share saw a reduction of 12.1%, indicating potential dilution effects.
- Interest costs increased due to the repricing of debt following the end of a previous interest rate swap in March.
- External management fees fell due to the sales of Redditch and Luton during 2023, impacting revenue streams.
- The company faced increased food costs and impacts from the Wilko administration, affecting financial performance.
- There is a noted challenge in the retail-to-residential conversion market due to rising construction costs and increased carrying costs.
Good morning, and welcome to our 2024 half year results presentation. It's great to see so many familiar faces here at DB, numerous and of course, on our webcast this morning. I'm Lawrence Hutchings, Chief Executive, and I'm joined today by my Co-President, Stuart Wetherly, our Finance Director. May I start by acknowledging the recent announcements concerning the company. I'm sure you'll understand that we are bound by the Takeover Code, therefore, legally unable to share any details. For information on the recent public statements, please refer to the investor section on our website.
As many of you are aware, I'm moving on after seven years here at Capital & Regional, despite the distractions of the recent corporate activity and my impending departure, I remain 100% committed to driving this business. As this set of results demonstrates, it is very much business as usual.
Let's turn to the H1 headline. It's been a busy and successful first half. Despite the occasional crosswinds, I'd like to
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