Arricano Real Estate's revenues rose by 18.7% to $12.9m in the six months to the end of June.

Arricano - a leading property developer and developers and operator of shopping centres in Ukraine - said this reflected management efforts to boost income with innovations and service initiatives across the portfolio.

Operating profit (including revaluation gains) rose to $24.0m from $16.8m and pre-tax profits increased to $18.4m from $8.3m.

Occupancy increased to 98.8% from 98.3% at the end of December.

Chief executive Mykhailo Merkulov said: 'It is very pleasing to report that Arricano has delivered a significant increase in revenues and profits despite operating in a challenging environment albeit there are increasing signs of economic improvement.

'We are steadily growing the business by being very focused on our core principles of creating shopping centres that are a pleasure to visit and retail spaces that retailers want to rent.

'The fact that we are now nearly operating at full capacity shows we are going in the right direction.'

At 9:09am: (LON:ARO) Arricano Real Estate Plc share price was 0p at 0.45p