RISE IN UK SPENDING
Busier malls help New Frontier profit
The Rebosis subsidiary will look for opportunities in mainland Europe likely to include nonretail assets
UK mall owner New Frontier Properties (NFP), the subsidiary of Rebosis Property Fund, returned to profitability in the quarter to November last year off the back of better consumer spending in the UK. Headline earnings per share were £1.80 per share for the quarter compared with 2015’s headline loss of 40p per share. NFP earned rental income worth £5.4m, up nearly 26% from £4.3m for the comparative 2015 period. The profit for the year grew to £2.7m compared with a comparative 2015 loss of £500,000. "During this period, the company’s business strategy has evolved to take into account changes in the prevailing political and economic climate, especially in relation to the EU referendum result," said CEO Mike Riley.
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