Annual earnings improve for Bullring owner

The adjusted earnings were up 60 per cent to £105 million with gross rental income down from £250.4m to £215.2m.

Chief executive Rita-Rose Gagne said: "Our results are evidence of another year of significant strategic, operational and financial progress, against a volatile macroeconomic and market backdrop.

"We have focused on what we can control – sharper operations growing like-for-like gross rental income and reducing the cost base – delivering a significant increase in adjusted earnings. Notwithstanding downward revaluations at the end of the year, we have maintained a stable balance sheet.

"In the last two years, we have simplified and focused the core portfolio on city centres, delivering £628m of gross proceeds, strengthened the balance sheet, recycled capital for investment in our core assets and developments, and have made rapid progress on the transformation of our operating model and platform, resulting in a significantly reduced and reducing cost structure.

"We have enlivened and reinvigorated our assets by introducing new occupiers, uses and concepts. We are actively re-purposing our destinations, with an increased emphasis on commercialisation, marketing and placemaking, in turn creating exceptional spaces for our occupiers and customers. We have brought a sharper focus to our development pipeline to create value and optionality."

Gross administration costs for the year were down 17 per cent, with more to come this year and in 2024.

The group portfolio value was down from £5.4 billion to £5.1bn due to a revaluation deficit and disposals.

Footfall across centres improved 11 percentage points from January to December, ending the year at 90 per cent of 2019 levels. Positive footfall and sales trends have continued into the first few months of this year.