Frey: solid first-half performance

(CercleFinance.com) - Frey announced on Friday that it had recorded a solid operating performance in the first half of the year, with business indicators and results showing an increase.


The operator of open-air shopping centers said it had generated gross rental income of 69.4 in the first half, representing growth of 28.3%, including an increase of 5.7% on a like-for-like basis.

At the end of June, its occupancy rate stood at 97.7%, a level stable compared to the end of 2023 and which the commercial real estate group considers to be 'high'.

Half-year sales climbed 35.9% to 95.7 million euros, giving operating income before non-recurring items of 55.7 million euros, up 30.8%.

Net income, Group share, came to 46.5 million euros, up 27% year-on-year.

According to CEO Antoine Frey, these results testify to the success of the company's growth strategy.

"The implementation of our strategy of positioning ourselves in the best outdoor shopping destinations in Europe, and the active management of our portfolio, enable us to pursue a virtuous growth dynamic, both internally and externally", he explains in a press release.

Analysts hail the company's operating figures as 'very solid', albeit at a slower pace than last year.

'In fact, Frey is still outperforming national indices: footfall at its centers rose by 4.4% year-on-year', point out the teams at Invest Securities.

Despite this solid half-yearly publication, Frey's share price was perfectly unchanged on the Paris Bourse on Friday.

Copyright (c) 2024 CercleFinance.com. All rights reserved.