Capital & Counties drops 4% despite weathering Brexit fall-out
Despite London-based property group Capital & Counties (CapCo), which is also listed on the JSE, weathering a difficult 2017 and managing to maintain its dividend growth amid fall-out from Brexit, proposed investors were unimpressed at the lack of dividend growth, and the company’s share price had fallen 4% by late trade on Tuesday. CapCo proposed a final 2017 dividend of 1p per share resulting in a full-year dividend of 1.5p per share, according to financial results for the year to December 2017. This represented no dividend growth for the second year in a row. Speaking on the sidelines of the release of the financial results, CEO Ian Hawksworth said its Covent Garden estate, which now represents more than 70% of its portfolio, was experiencing strong trade in the heart of London. It balanced the company’s performance because its other asset, a residential Earl’s Court property, lost value after the Brexit vote, slipping from £1.14bn to £989m because of "economic and political unce...
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