The Investment Column: Retail revival boosts CSC
Wednesday 07 August 1996
While the Government's figures put retail sales growth at 6 per cent, CSC is seeing growth of 13 per cent. The largest malls such as the Metro Centre in Gateshead and Lakeside, in Thurrock, Essex are performing strongly and grabbing market share.
Capital Shopping Centres' figures were so buoyant that the company took the unusual step of reporting a half-year valuation. This shows that at the end of June the portfolio was worth pounds 75m more than at the year end in December, an increase of 6 per cent. This equates to an increase in net asset value of 19p to 274p per share. Pre-tax profits in the six months to June were up by 25 per cent to pounds 27.8m.
With around 20 per cent of its rents linked to retailers' turnover, CSC is benefiting more than most of its rivals from the upturn in consumer spending. The engine of rental growth is last year's rent rise at the Lakeside centre which saw some rents rise by 40 per cent. Those increases will keep coming through this year along with others at the Metro Centre.
The only cloud on the horizon is the opening of the giant Bluewater Park centre near Dartford, Kent, which may take trade away from Lakeside. CSC says the market is big enough for both.
After two years of stagnation CSC shares have soared in the last 12 months, closing up 4p yesterday at 294p. That represents only a relatively small premium to the latest asset value and probably a discount to the year end figure. Hold on.
- 1 National Orgasm Day: Six reasons (plus one bogus one) why they're good for us
- 2 The 'world's most beautiful vagina' has been debunked by science
- 3 Whoopi Goldberg tells Cara Delevingne to suck it up: 'She's not famous. I'M famous'
- 4 John Green schools morning show hosts after awkward interview with Cara Delevingne
- 5 Doctor Who: Christopher Eccleston says why he left the BBC series after just one series
What turns someone into a conspiracy theorist? Study to look at why some are more 'receptive' to such theories
Whoopi Goldberg tells Cara Delevingne to suck it up: 'She's not famous. I'M famous'
John Green schools morning show hosts after awkward interview with Cara Delevingne
Supermodel Gisele Bundchen mocked for wearing a burka to avoid being seen visiting plastic surgeon in Paris
'Rowdy' Roddy Piper dies: Wrestling legend dies aged 61, according to reports
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
Labour leadership contender Jeremy Corbyn says 'we can learn a great deal from Karl Marx'
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Public anger after French sunbather beaten up by gang for wearing a bikini in Reims park
Labour leadership: New poll shows party is now even 'less electable' than under Ed Miliband
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: This is an exciting opportunity...
£13000 - £15000 per annum: Recruitment Genius: Are you passionate about custom...
£22000 - £25000 per annum: Recruitment Genius: Main purpose: Under the directi...
£35000 - £37000 per annum + benefits : Ashdown Group: Contracts Manager - City...