Earls Court developer Capco reports strong results for the first half of 2015
Earls Court developer Capital & Counties Properties (Capco) has posted a 50% jump in pre-tax profit to 拢277.3m for the six months to June 2015, up from 拢139.8m for the same period in 2014.
The developer also reported an 8.9% increase in the valuation of its property portfolio to 拢3.4bn, up from 拢3bn in December 2014.
Revenue dipped slightly to 拢52m, down from 拢54.2m.
Ian Hawksworth, chief executive of Capco, said 鈥淥ur two London estates have had a positive and active start to the year. Covent Garden is established as a leading destination for global brands wishing to come to London and demand for the estate across all uses is strong鈥�.
He added that 鈥減lans at Earls Court continue to advance. We have completed the investment vehicle with TfL and demolition is progressing well. At Lillie Square, construction of Phase 1 is on track and we are finalising plans to begin sales of Phase 2鈥�.
The firm also reported that for London the 鈥渆conomic outlook is positive and its population is growing significantly鈥� and therefore Capco considers the Earls Court redevelopment 鈥渧ital to London鈥檚 housing supply鈥�.
Capco during the first half of the year also acquired a 50% stake in Solum Regeneration, in joint venture with Network Rail as it looks to 鈥渆xplore opportunities for future redevelopments on and around significant railway stations in London鈥�.
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