Capco sees increase in diluted EPS

Capital and Counties Properties, otherwise known as Capco, has reported a year-on-year increase in diluted earnings per share (EPS) from 21.20p to 23.30p for the full year ended December 31st.

Profit before tax was £161.9m, up from £132.5 the previous year, while net rental income remained stable at £69m. Revenue fell from £113.7m to £108.4m.

Net debt decreased slightly from £476m to £464m, while cash also fell from £215.6m to £117.1m

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Total investment and trading properties rose from £1,378m to £1,617m, while net assets increased from £926m to £1,145m.

The firm said it had transformed its largest estate, Covent Garden, which is now valued at £808m, and saw an increase in like-for-like property values of 9.2% during 2011. The Earls Court estate also increased in value, up by 10.9% during the year.

In a statement the firm said: "Capco's success in 2011 is the result of our strategy of focusing on specific central London prime assets where the group has a dominant position. This has allowed the group to benefit from the distinct, strategic capital and economic characteristics of a specialist central London non-real estate investment trust property company.

"I am in no doubt that London will benefit enormously from the Queen's Diamond Jubilee celebrations and as the host city for the Olympics this year, and am proud that Earls Court will be an integral part of the Olympics experience having been chosen as an official venue.

"I believe the future for Capco is positive, and look ahead to 2012 with optimism tempered by caution regarding the macroeconomic climate."

A final dividend of 1.0p per share has been proposed, bringing the total dividend to 1.5p per share.

The share price fell 0.21% to 189.60p by 09:15.

NR