Profits up at shopping centres owner Intu
THE owner of one of the region’s largest shopping centres, the Trafford Centre, said it had benefited from an upturn in consumer confidence in 2014.
Announcing its annual results Intu, which is based in London, said The Trafford Centre was now worth £2.2bn – some £300m more than in the previous year.
Intu, which also owns 48% of the Manchester Arndale Centre, said it is well positioned to benefit further from rising consumer confidence and retailer demand.
The FTSE 100 company reported revenue of £536.4m for the year to 31 December 2014, up from £511.6m a year earlier. Pre-tax profits increased from £363.4m to £593.7m. Total profit for the year was £600m, a rise of £236m on the prior year.
Intu’s occupancy rates last year stood at 95 per cent. The substantial rise in profit was attributed to an increase in the revaluation gain on property valuations to £648m and lower exceptional finance costs of £51m, down from £158m in 2013.
The FTSE 100 company owns and operates many of the UK’s biggest and most popular retail and leisure destinations, including nine of the top 20.
Chief executive David Fischel said: “”Intu’s improved 2014 results demonstrate we are well positioned to benefit further from rising consumer confidence and strengthening demand from retailers for quality space.
“As the UK’s leading owner and manager of prime regional shopping centres, we welcome over 400 million customer visits through our centres each year and our clear focus on delivering outstanding customer experience under the intu brand is proving a powerful factor in the successful performance of our centres.”
