Shopping centre owner Intu has swung to an annual loss after suffering a collapse in the value of its properties in what it described as a "challenging" year.
The company, which owns Intu Braehead in Glasgow, Manchester's Trafford Centre and Gateshead's Metrocentre, had a torrid 2018 following two failed takeover attempts and amid tough trading conditions for retailers with a number seeking rescue deals with creditors or falling into administration.
Outgoing chief executive David Fischel said that, in a "difficult year for the whole UK retail real estate sector and with very limited comparable transactional evidence, property valuations declined as sentiment weakened significantly".
He said valuations fell 3 per cent in the final quarter of 2018, in addition to the 9% decline over the first nine months of the year.
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Intu made a £1.17 billion loss in 2018 compared with £227.2 million pre-tax profit the previous year.
This came as the company saw £1.4bn wiped off the value of its property portfolio to £9.2bn.
Revenue declined to £581.1m from £616m, while rental income fell to £398.5m from £423.4m.
The company did not recommend a final dividend for 2018 and said it will seek to reduce its debt by selling assets to shore up its cash reserves.
Shares tumbled 8.4% to 108.2p on the news.
Rival Hammerson abandoned a £3.4bn takeover attempt last April, while a consortium led by John Whittaker's Peel Group pulled out of £2.8bn bid in November.
Sales at Laura Ashley have dropped as the fashion and home brand grapples with tough high street conditions and plans an overhaul of its strategy.
Total like-for-like retail sales were down 4.2 per cent in the 26 weeks to December 31.
The company's profit before tax and exceptional items was wiped out to zero.
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Sales in the fashion division showed positive momentum, climbing 11.8% on a like-for-like basis.
But furniture sales dropped by 14.4%, while decorating was down 13.5%.
Dubai-based DP World has acquired ferry firm P&O in a deal with £322 million.
DP World said it will aim to drive efficiency savings at P&O once the deal is complete.
P&O operates more than 30,000 voyages a year and handles over 2.5 million freight units, which account for approximately 75% of its revenues.
The firm, which operates across Europe, booked sales of £1.1 billion in 2017 and earnings of £100m.
It offers ferry services across eight major routes between Britain, France, Northern Ireland, the Republic of Ireland, Holland and Belgium and employs almost 4,000 employees.
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