Capital & Regional PLC Achieves Strong Financial Growth and Strategic Success in 2023

  • Capital & Regional PLC's financial performance in 2023 showed growth in NRI, earnings per share, and NAV per share.
  • Operational highlights include increased footfall, steady occupancy rates, and impressive rent collection for the year.
  • Strategic actions like the Gyle acquisition and successful re-leasing of units to B&M bolstered the company's performance.

Capital & Regional PLC recently disclosed its full-year results for the period ending on 30 December 2023. This article delves into a detailed analysis of the financial performance, operational highlights, strategic actions, and the overall outlook of Capital & Regional PLC.

Financial Performance Analysis

The financial performance of Capital & Regional PLC in 2023 showcased significant growth across key metrics. There was a 5% increase in like-for-like Net Rental Income (NRI) compared to the previous year. This growth indicates a positive trend in the company’s revenue generation capabilities.

Moreover, the company reported a 9.7% increase in Adjusted Earnings per share, reaching 6.8p. This surge in earnings per share reflects enhanced profitability and efficient cost management strategies implemented by the company.

Table 1: Financial Metrics (Year to Dec 2023 vs. Year to Dec 2022)

MetricYear to Dec 2023Year to Dec 2022
Net Rental Income£23.9m£23.5m
Adjusted Profit£12.7m£10.3m
Adjusted Earnings per share6.8p6.2p
NAV per share90p106p

The Net Asset Value (NAV) per share increased by 12.8% to 90p, showcasing the company’s ability to create value for its shareholders. However, it’s worth noting that the NAV per share decreased from 106p in the previous year due to an increased number of shares in issue.

Operational Highlights

In terms of operational performance, Capital & Regional PLC demonstrated resilience and efficiency in its core operations. Footfall increased by 1.5% with 44.5 million shopper visits in 2023, indicating sustained consumer interest and engagement with the company’s shopping centres.

Occupancy remained steady at 93.4%, showcasing the company’s ability to maintain a high level of tenant retention despite market challenges. Rent collection stood at an impressive 99.2% for 2023, highlighting the reliability of the company’s revenue streams.

Table 2: Operational Metrics Comparison

Operational MetricYear to Dec 2023Year to Dec 2022
Footfall44.5 million
Rent Collection99.2%97.6%

Strategic Actions and Investments

Capital & Regional PLC made strategic investments and undertook key actions during the year to enhance its portfolio and drive growth. The acquisition of Gyle shopping centre in Edinburgh for £40 million was a significant move aimed at expanding the company’s asset base and revenue potential.

The successful re-leasing of all three Wilko units to B&M post-Wilko’s administration further bolstered occupancy rates, adding 140 basis points. This demonstrates the company’s agility in responding to market dynamics and capturing new opportunities.

Table 3: Investment Overview

Acquisition of Gyle shopping centre, EdinburghExpansion of asset base and revenue potential
Re-leasing of Wilko units to B&MIncreased occupancy rates and tenant retention
Investment of £16.0 million in capital expenditureExpected yield in line with company’s targets

Debt and Financial Position

Capital & Regional PLC maintained a secure long-term debt position with a focus on managing its debt profile effectively. The company reported a long debt maturity profile of 4.1 years with a low average cost of debt at 4.25%.

While the Group Net Loan to Value increased slightly to 43.6% from 40.6%, this was primarily due to investing cash into capital expenditure and part-funding the Gyle acquisition. The company’s disciplined approach to debt management ensures stability and financial resilience.


Capital & Regional PLC’s year-end results for 2023 reflect a robust financial performance, operational resilience, strategic foresight, and prudent debt management. The company’s focus on value creation, tenant satisfaction, and strategic investments positions it well for continued growth and success in the dynamic real estate market.

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