Intu properties plc announces a Trading Update for the period from 1 January 2016 to 4 May 2016
Highlights of the period:
- Remain on target to deliver growth in like-for-like net rental income for the year in the range of 2 per cent to 3 per cent
- Continued active retailer demand with 43 new long term leases agreed for £7 million of new annual rent, 10 per cent above previous passing rent
- Year-on-year footfall to date is up 1.4 per cent and occupancy is 95.3 per cent (March 2015: 94.3 per cent), marginally reduced from 95.8 per cent at 31 December 2015 (December 2014: 95.0 per cent) reflecting seasonal fluctuations since Christmas
- UK development pipeline on track with 11 new restaurants opened at intu Metrocentre and the main contractor now on site for the intu Watford extension
- Meaningful improvement in in-centre customer satisfaction measure from 12 months ago and website traffic has grown by 30 per cent in 2016
- Growth in footfall and sales at both our Spanish centres, Puerto Venecia and intu Asturias, along with encouraging lettings
- Cash and available facilities of over £750 million and debt to asset ratio of 41 per cent at 31 March 2016