StockMarketWire.com - Capital & Counties Properties reported Wednesday a wider pre-tax loss on lower revenues as Brexit uncertainty hurt the company's property portfolio in Earls Court.

For the year ended 31 December, pre-tax losses widened to £119.3m from £62.5m a year earlier and revenues declined to £83.5n from £87.7m.

Earnings -- stated as EPRA net asset value – per share fell 2.4% to 326p.

Net rental income fell to £64.4m for the year, from £66.9m a year earlier.

The total property value fell 2.4% to £3.3bn, which the company blamed on 'economic and political uncertainty,' which continued to impact the London residential market, resulting in a further valuation decline in our investments at Earls Court.

Earls Court property interests valued at £658m in total for the year, a decrease of 15.6% from a year earlier.

The company proposed a final 2018 dividend of 1.0p per share, taking the full-year dividend to 1.5p per share. Looking ahead, the company warned that 'economic uncertainty resulting from the UK's decision to leave the EU could impact the property market further.'

'The land benefits from an in-place planning consent and is now available for development which is expected to be brought forward through the introduction of third-party capital. We have realised significant proceeds from the sale of the Empress State Building and continued sales at Lillie Square,' said Ian Hawksworth, Chief Executive of Capco. 'Backed by a strong balance sheet, with low leverage and access to significant liquidity, Capco is in a strong financial position to navigate market uncertainty and remains focused on delivering long-term value for shareholders'



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