McArthurGlen UK, the group behind outlet shopping centres such as Cheshire Oaks, has declared a substantial dividend to its owner following a surge in sales and profit. The company issued a dividend of £58.9m for 2023, a significant increase from the £2.2m paid out in 2022.
According to recently filed accounts with Companies House, the group’s revenue leapt from £128.4m to £164m within a year. Over the same period, its pre-tax profit also climbed from £15.7m to £44.3m, as reported by City AM.
In the UK, McArthurGlen operates sites in locations including Cheshire Oaks, Ashford, Bridgend, South Normanton, Swindon, Cannock, and York. The company also runs 18 locations across Europe and one in North America.
Sales at the UK-based Cheshire Oaks site rose from £40.2m to £43.9m, while European sales jumped from £84.4m to £115.6m. In North America, revenue increased from £3.6m to £4.3m.
Despite the rise in revenue and profit, the average number of people employed by the group during 2023 fell from 824 to 748. However, expansion is on the horizon for the Cheshire Oaks owner.
A statement approved by the board said: “McArthurGlen Group… will assist in opening new retail space across Europe in the next years.”
It added that extensions are underway at several operating centres across Europe and numerous new opportunities are being explored, including the opening of new phases in Vancouver, Cannock, and Malaga.
“We reasonably expect to retain the management of all existing centres currently in the portfolio, including Berlin and Neumunster which have been recently marketed for sale by the investors.”
“The directors consider that the group and company will continue to perform their principal activities for the foreseeable future.”