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CapCo reports H1 loss, confirms canceled sale of venues unit

reported a loss of £109.0 million for the six months to June 30, to a profit of £263.9million a year ago.

Forthe comparable period, net rental income was at £40.5 million from £38.4million, underlying earnings came in at £5.9 million from £4.2 million, andunderlying earnings per share totaled 0.7 pence from 0.5 pence.

Thecompany said that the net rental income increase is attributable to the "strongperformances" of its Covent Garden and Olympia London properties.

Thecompany's EPRA-adjusted NAV per share for the half was 344 pence, compared to361 pence as at 2015-end. The company's property market value on a group-sharebasis in the same period was about £3.61 billion from £3.66 billion, a declineit said was due to the increased stamp duty land tax that was announced inMarch.

CapCo'sboard proposed an interim 2016 dividend of 0.5 pence per share, unchanged fromthe year-ago period.

Thecompany also confirmedthat it will retain its venues business because it offers "a reliable andgrowing income stream" even if it is not a long-term core holding for thecompany. It added that the valuation ofthe Earls Court estate in London dropped 14.3% on a like-for-like basis to £1.2billion reflecting the "valuers' assessment of the weakened sentiment inthe central London residential market following the EU referendum."

CapConoted that it is "too early" to determine Brexit's effects on itsbusiness, but the company is still confident in its properties. It added thatcurrent market conditions remain positive, and that it has signed three leaseswith a further £1 million of space under offer since the June 23 referendum atCovent Garden, and four agreed reservations for Lillie Square.