Capital & Regional posts modest growth in footfall

8th Mar 2024 07:31

(Sharecast News) - Shopping centres investor Capital & Regional reported a modest uptick in footfall in 2023 as customers headed to discount stores at an increased rate.

Capital & Regional said on Friday that the number of people shopping across its estate rose 1.5% year-on-year to 44.5m visits - 86.7% of pre-pandemic levels.

Occupancy rates slipped 0.7% to 93.4%, principally due to the collapse of retailer Wilko, while rent collection improved from 97.6% to 99.0%.

The London-listed firm stated adjusted profits were expected to be roughly £12.7m, up roughly £2.4m year-on-year

Capital & Regional noted that it had expected to publish its annual results in early March, but said its reporting date had been delayed as its new auditor, Mazars, requested additional time to complete procedures in its first year as auditor.

As of 1010 GMT, Capital & regional shares were up 2.21% at 52.74p.

Reporting by Iain Gilbert at Sharecast.com