Fashion retailer Freeport profit rises 10% to £3.4mn

28 Feb '06

2 min read

Leading developer of European designer outlet centres Freeport plc announces interim results for the 27 week period ending 31 December 2005, which for the first time have been prepared in accordance with International Financial Reporting Standards.

Overview
During the period under review overall trading was strong at Freeport's designer outlet sites in mainland Europe and progress continues to be made with the development of two further sites in France.

Due to the disposal of Freeport Hornsea in March 2005, results for this period are not directly comparable with the previous year and are, therefore, analysed between continuing and discontinued operations in the income statement.

In December 2005 the Board's proposed corporate reorganization to reflect its focus on mainland Europe and improve tax efficiency was not approved by the requisite majority of shareholders. The relocation of Freeport's head office to Monaco was completed in December 2005.

Continuing business
- Freeport Lisbon- rental income up 38 percent over the previous period.
- Freeport Kungsbacka - rental income up 16 percent over the previous period.
- Freeport Excalibur – rental income down 6 percent on the previous period.

New developments
- Final building and access licences at Roppenheim expected in May 2006.
- Planning process for Le Cannet des Maures continues positively.

Asset Disposals
- Agents appointed to advise on themarketing of Freeport's investment portfolio.

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