A SHOPPING centre owner believes it is well placed to fend off Brexit uncertainty and inflationary worries after posting “excellent”

results.

New River Retail says shoppers’ cravings for its malls provide confidence it can continue taking steps forward.

The business, which took on Darlington’s Cornmill Centre last year, also said its patient approach to investments amid EU referendum uncertainty will soon bear fruit.

Bosses made their announcement after revealing the company’s annual results, which showed funds from operations were up 24 per cent on a year ago to £58.2m.

The company was helped by a 1.2 per cent rise in like-for-like net income, with net property income 33 per cent better off at £89.7m.

Footfall across its shopping centre portfolio totalled 149 million, which was up 0.5 per cent from a year ago on a like-for-like basis.

Officials previously said they would use past recessionary experiences to bat away Brexit indecision and Paul Roy, chairman, said its bullish outlook had not changed.

He said: “While the board is aware of general economic caution in light of uncertainty over Brexit negotiations and the potential for rises in inflation and interest rates, it believes New River is well placed to meet the challenges that could arise.

“The company owns a sizeable portfolio with critical mass.

“It is highly cash generative with an occupier base representing some of the strongest covenants in the UK retail and leisure sectors.

“Assets are geographically diversified with a focus on day-to-day shopping needs, which the company considers to be significantly less volatile than other segments of the retail market.”

Paul Wright, a director at New River, previously told The Northern Echo it had big plans for the Cornmill Centre after taking on the Neptune Portfolio, which also included Wakefield’s Ridings Shopping Centre and Cardiff ’s Capitol Shopping Centre.

He added: “There is no point in us coming in and sitting still.

“We don’t work like that, we don’t like mediocrity.

“We want people to sit up and think ‘that looks different’.”

New River’s operations also include Middlesbrough’s Hillstreet Shopping Centre and Allison Court Retail Park, in Gateshead, while it has property in Newcastle’s Northumberland Street.