METRO Centre and Eldon Square owner Capital Shopping centres (CSC) today hailed its ‘continuing resilience’ despite the tough retail climate.
The group, which runs 15 major shopping centres around the UK, said underlying earnings increased to £70m in the six months to the end of June, from £66m a year earlier. Rental income was also up from £178m to £182m, but profits slumped from £192m a year ago to £78m.
CSC revealed plans for an “impressive new entrance” from Northumberland Street into Eldon Square, as part of its modernisation of the Newcastle shopping centre.
And it said the new MetrOasis restaurant development at Gateshead’s Metro Centre has been fully let and is on schedule to open in September.
CSC chief executive, David Fischel, said: “Our prime UK regional shopping centres have continued to show considerable resilience, with robust operating metrics supporting sound financial results.
“We have made good progress on our two strategic priorities for 2012, ensuring that our centres produce a strong performance relative to current economic conditions while positioning each asset for longer term organic growth from an increasing pipeline of active management projects and extensions.”