SGS INTU - Comments

SGS reported its monthly figures and although they were encouraging, the recent wave of Covid/Omicron infections and related restrictions will hamper the recovery in footfall/occupancy/rental collections. As of 16th December, SGS had collected 87% of billed rents, the highest quarterly figure since SGS split from INTU. Additionally, SGS continue to collect rent arrears concerning previous periods. Footfall was 76% (of 2019 levels) across all four centres in November and had increased to 78% for the first 11 days of December. Footfall in Lakeside, the main centre, was 90% of November 2019 levels. Retail trade continued to be strong during November with several tenants outperforming sales targets, especially in Ladies fashion and jewellery.

However, SGS management remains cautious with the escalating number of Coivd 19 cases and potential trading restrictions.