Capital & Regional (CR) H1 2024 earnings summary

Executive summary

• Achieved strong H1 2024 results with 48 leases signed, increased rent, and record rent collection at 99.2%.

• Adjusted profit rose 17.1% to £8.2m, supported by Gyle acquisition and robust leasing momentum.

• Community-focused strategy and ongoing capex projects underpin resilient performance and operational improvements.

• Statutory revenue increased 21% to £34.5m, with Net Rental Income up 17.1% to £13.7m.

• Occupancy improved to 93.9%, with interim dividend up 3.6% to 2.85p per share.

Financial highlights

• Adjusted profit up 17.1% to £8.2m; Net Rental Income at £13.7m, and statutory revenue at £34.5m.

• Dividend increased to 2.85p per share, covered 1.3x by adjusted profit.

• NAV stable at £203.9m; EPRA NTA per share at 85p.

• Group net LTV at 43%, net debt at £162.6m, and average cost of debt at 4.25%.

• Snozone EBITDA up 19% to £1.9m, with revenue growth in both UK and Madrid.

Outlook and guidance

• Confident in continued operational momentum, with leasing momentum into H2 2024 and 12 deals exchanged.

• Dividend policy targets at least 90% payout of EPRA profits for the full year.

• Ongoing capex pipeline and asset repositioning expected to support further income growth.

• No scrip dividend option for this interim payment; 100% PID to meet minimum threshold a year early.