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'Strong Set of Results' for Intu

Shopping centre owner and developer Intu has reported a "strong" set of half year results, boosted by a rise in net rental income.

According to its results for the six months to 30 June 2016, revenue grew to £285.5m from £281.9m in the same period of 2015. Net rental income also rose to £219.4m from £207.6m.

However, profit for the period fell to £48.1m from £262.3m, partly due to a £131m revaluation deficit on derivative financial instruments, largely interest rate swaps.

Intu Properties chief executive David Fischel said: "We are pleased to report a strong set of results for the first six months of 2016 with a 10 per cent increase in underlying earnings per share driven by excellent growth in net rental income of 7.5 per cent on a like-for-like basis.

"Letting activity was also very positive leading to an improved occupancy ratio of 96 per cent. Our established retailers, such as Zara and Next, have been upsizing space and we have welcomed new lifestyle brands and international retailers at a time when the supply of quality retail space is limited.

"We continue to focus on strengthening and improving our prime regional shopping centres, introducing new leisure concepts and increasing the dwell time of our 400 million customer visits per year."

Intu acquired the remaining 50 per cent stake in the Merry Hill shopping centre near Dudley in June 2016 for £410m.

Last modified on Monday, 01 August 2016 15:21

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