Capital & Regional delays full-year results

Capital & Regional has delayed the publication of its 2023 financial results indefinitely after its new auditor asked for more time to oversee the report. In a stock exchange update, the shopping centre REIT said it had planned to publish results for 2023 in March, but Mazars had asked for more time to complete the work in its first year as auditor. The company added that most of the outstanding work related to additional audit procedures on the internal processes of some outsourced service providers. “Consequently, the group is unable to confirm a date for its full-year preliminary results announcement but will provide a further update as soon as it is able to do so,” it said. Chief executive Lawrence Hutchings nonetheless said the company had delivered “another positive year of progress”, with the acquisition of Gyle in Edinburgh “an important milestone in our goal of returning to growth”. The company said it completed 86 new lettings and renewals in 2023, up from to 80 in 2022, at a combined average premium of 6.8% to previous rent and 16.6% to ERV. Occupancy dropped slightly to 93.4% from 94.1% due to Wilko’s administration. The REIT said it has seen a 2.6% rise in like-for-like valuations.