Shares in retail landlord Intu continued to fall this morning after the Trafford Centre owner yesterday cancelled its dividend as it fell to a £900m loss.
Intu’s share price was down as much as 6.7 per cent at 44.6p this morning before recovering slightly to 45.45p.
Yesterday, shares plummeted as much as 30 per cent following the announcement that Intu had almost doubled its losses in the challenging retail market.
The company reported a loss before tax of £896m in the first six months of this year compared to a £486m loss in the first half of 2018. Intu’s loss per share fell to 61.7p from 36.2p.
The landlord has struggled as a wave of retail restructurings and insolvencies has hit occupancy and rent rates.
Shopping centre stalwarts such as Boots and New Look have shuttered stores and Sir Philip Green’s Arcadia, which owns Topshop and Dorothy Perkins, recently agreed a raft of rent cuts under a company voluntary arrangement (CVA).
Intu chief executive Matthew Roberts said yesterday: “The first half of 2019 has been challenging for Intu.
“We have experienced further downward pressure on like-for-like net rental income and property values resulting from a higher level of administrations and CVAs as some retailers struggle to remain relevant in a multichannel world.”