UK shopping centre owner and developer Capital Shopping Centres (CSO, CSC) on Thursday posted 7% rise in underlying earnings per share to 16.5 pence in the year ended December 2011, from the previous comparable period a year ago.

Net rental income from continuing operations rose 31% to GBP364 million, from GBP277 million previously. The company declared total dividend of 15 pence per share, unchanged from the previous period.

Chief executive David Fischel said: "The results demonstrate CSC's considerable progress in 2011. The transformational Trafford Centre acquisition has driven our strong performance and has exceeded our expectations. While the UK economic environment is challenging, CSC is well positioned for growth with assets of uniquely high quality, a considerable capital base, a committed management team and a pipeline of future projects."

"By any measure, we are robust operationally, with 97% occupancy and three consecutive years of overall footfall increases at our centres," said the chairman in a statement.

Capital Shopping Centres own and operate 14 shopping centres in the UK, which attract 320 million customer visits a year.

Looking ahead, the company said its challenge for 2012 and beyond was to continue to optimise the performance of existing assets while seizing opportunities to enhance returns further by creating new income streams whether organically or by acquisition.

Source: I-Net Bridge