But the firm that owns Earls Court, Olympia and The Brewery posted an overall impressive first set of results following its demerger last year.
Capco, formed out of Liberty International with the intention of focusing on the redevelopment of Earls Court, saw its shares rise 17% across 2010 according to the firm’s first full-year results.
"Capco continues to see the benefits of its strategy of concentrating its investments in prime locations in central London with strong NAV (net asset value) growth this year and positive momentum across the business," said Capco chief executive Ian Hawksworth.
"The Earls Court and Olympia (EC&O) business has the opportunity to redefine the area around Earls Court through its planning activities, whilst maximising the profitability of the Olympia exhibition facilities."
Capco is on the verge of launching its Sir Terry Farrell-designed masterplan for the Earls Court regeneration programme, which will be submitted in the next few weeks.
The statement said that the EC&O section of the business was resilient but understandably affected by the economic downturn.
Turnover was £50.7m (down 9.3%) and EBITDA was £18.9m (down 11%) for the year. On the upside, as at 2 March 2011, 79% of 2011 budgeted licence fees are contracted.
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