Insider Media Limited

Capital Shopping Centres (CSC) has reported revenue of more than £500m in its latest results. The company said its acquisition of the Trafford Centre has boosted its income and been a "transformational acquisition".

CSC reported revenue of £516.1m for the year to 31 December 2011. This is nearly a £100m rise in revenue from £420.3m in 2010.

The company said its acquisition of the Trafford Centre has "substantially strengthened" the business. CSC acquired the Trafford Centre from the Peel Group in January 2011 for £1.65bn.

The Trafford Centre has provided a "high quality income stream" to the business, and its value has increased by £50m to £1.7bn, CSC said.

However, despite the reported rise in revenue, the company reported a significant fall in profit. Profit before tax and associates fell from £446.2m in 2010 to £27.2m in 2011.

The business said this fall in profit was because of a "lower level of property valuation gain" and a higher non-cash charge linked to interest rate swaps.

Chief executive David Fischel said: "The results demonstrate CSC's considerable progress in 2011. The transformational Trafford Centre acquisition has driven our strong performance and has exceeded our expectations.

"While the UK economic environment is challenging, CSC is well positioned for growth with assets of uniquely high quality, a considerable capital base, a committed management team and a pipeline of future projects."

The company said it plans to "optimise the performance" of its existing assets in 2012. There are plans to spend £32m on enhancing the Trafford Centre, with a planning permission granted to enclose the courtyard at the Barton Square area of the centre.

Chairman Patrick Burgess said: "Our challenge for 2012 and beyond is to continue to optimise the performance of existing assets while seizing opportunities to enhance returns further by creating new income streams whether organically or by acquisition."