Capital & Counties posts maiden profit after split

LONDON-focused developer Capital & Counties issued a cautiously positive outlook for its prospects in 2011 and 2012, after posting a rise in net asset value (NAV) in its maiden results.

Capco, which was spun out of Liberty International last May, said NAV per share for 2010 was 148p, up 17 per cent from the pro-forma figures for 2009.

The owner of Covent Garden reported a full-year pre-tax profit of £132.5m, up from a loss of £150m a year earlier.

Chief executive Ian Hawksworth said the company’s prospects for the next two years “remain positive as Capco continues to target superior valuation and NAV growth”.

However, Capco chairman Ian Durant said the “UK macroeconomic situation is delicately poised and so the requirement to be conservative with cash and debt continues”.

Capital &?Counties shares closed 3.4 per cent higher at 153.8p.