Roy Cokayne

The strong performance of the London retail and residential property market boosted the financial performance of Capital & Counties Properties (Capco), one of the two companies formed from the demerger of Liberty International that in December became part of the Top 40 index.

Capco owns more than 84 728 square metres of prime property in the Covent Garden estate in central London and significant leasehold property interests in Earls Court.

It has a strategy and master plan to redevelop and transform both areas.

The company yesterday reported a 23 percent total return for the year to December, comprising 22 percent growth in net asset value to £2.49 (R45.17) from £2.03 in the previous year and a dividend a share of 1.5p.

Revenue increased by almost 7 percent to £118.8 million from £109.4m, while operating profit grew by 46 percent to £351.9m from £241.1m.

Profit for the year was 41 percent higher at £338.4m compared with £240m in the previous year. Diluted earnings a share improved by 45 percent to 43.4p from 29.9p.

Chairman Ian Durant said it was another year of significant performance for Capco, whose focus on London and its strong financial position would enable it to build on the momentum and continue to deliver market-leading total returns for its shareholders.