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Property group Capital & Counties hailed a recovery in London’s West End ahead of its £5bn mega-merger with a rival landlord.
The FTSE 250 developer praised the “positive momentum” at its Covent Garden estate amid a strong post-pandemic recovery as shoppers returned to the shops. It generated £57.2 million in rent in 2022, up from £48.9 million a year earlier.
Covent Garden property values remained unchanged at £1.7 billion.
But this came after gains made during the first half of last year were offset by the impact of higher interest rates and rising inflation.
Recovery: Capital & Counties praised the ‘positive momentum’ at the Covent Garden estate amid a strong post-pandemic recovery as shoppers return to the shops
Capco also made a loss of £211.8 million, after a profit of £34.8 million in 2021. Shares fell 3.3 percent, or 4.2 pence, to 122.2 pence.
The update came less than a week before Capco’s merger with Shaftesbury. Last month, the competition watchdog approved the deal that brings together some of London’s premier real estate into a single company.
Shaftesbury (3.9 percent, or 16.2 pence, to 402.2 pence) owns large parts of Chinatown, Carnaby Street and Fitzrovia north of Oxford Street.
In 2020, Capco acquired a 25 percent stake in Shaftesbury and the pair announced plans to merge two years later.
The FTSE 100 rose 0.5 percent, or 38.65 points, to 7914.93 and the FTSE 250 fell 0.2 percent, or 32.68 points, to 19870.60.
New data from China showed that manufacturing activity grew at the fastest pace in more than a decade.
The optimistic data helped drive up metal prices and mining inventories.
Rio Tinto was up 4.6 percent, or 260p, to 5972p, Antofagasta added 4.2 percent, or 66p, to 1636p, Glencore was up 3.5 percent, or 17.55p, to 512.9p, and Anglo American increased by 3.3 percent, or 95.5p to 2980p.
But the best performance of the day was from Weir Group. The mining technology company topped the blue-chip index after a surge in sales and profits.
The dividend for 2022 rose 38 percent to 32.8 pa share, and it started the year with a record order book after favorable terms. Shares are up 6.3 percent, or 119p, to 2018p.
Serco posted gains after Citigroup raised its price target from 224 pence to 230 pence. It rose 4.9 percent, or 7.7 pence, to 163.7 pence.
Meanwhile, Nichols praised the strength of its Vimto brand after the soft drink maker reported a profit of £13.8 million for 2022, following a loss of £17.7 million a year earlier.
Sales increased by 14.3 per cent to £164.9 million. While it warned this year will be challenging, earnings are expected to meet market expectations of £25.1m.
John Nichols, who is about to end his 16-year term as chairman, will be replaced by Elizabeth McMeikan on April 26. It climbed 4.2 percent, or 42 pence, to 1,040 pence.
Just Eat’s results have been a mixed bag after the takeaway delivery group reported a profit of £16.7 million for 2022, following a loss of £308 million in 2021. But orders fell 9 percent to £984 million.
It has forecast profits of around £198 million for 2023, although some analysts warned this could prove tricky as households cut spending. It fell 2.1 percent, or 37.6p, to 1771.4p.
At Rathbones, the asset manager remained optimistic even though net outflows of £400m – the amount raised by clients – were “low compared to the market”. It increased by 1.4 percent, or 30p, to 2110p.
Me Group revenues were up 21.2 per cent to £259.8m in the year to 31 October, while profits were up 86.7 per cent to £53.4m.
The photo booth and launderette operator said it was on track to beat market forecasts and estimates turnover will be between £280m and £300m, with profits of £61m to £65m. Shares rose 11.7 percent, or 14 pence, to 140.5 pence.
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