Integration and Synergies Achieved
Successfully completed the integration of the Capital & Regional portfolio, unlocking net annual synergies of GBP 6.2 million.
Cash Profit Growth and Dividend Increase
Cash profits grew by 31%, enabling an increase in the first half dividend to 3.1p per share.
Strong Leasing and Occupancy Performance
Double-digit increases in new rents with consistently high occupancy, supported by resilient consumer demand.
Asset Disposals and Share Buyback
Sold GBP 70 million of assets at book value, with a further GBP 40 million under offer or completed, and facilitated a share buyback at a 26% discount.
Stable Balance Sheet and Financial Position
Reduced loan-to-value to 38% through disposals, maintaining a strong financial position with comfortable gearing and liquidity.
Retail Market Outperformance
Retail parks and shopping centers, comprising 94% of the portfolio, are outperforming broader discretionary retail.