London & Associated Properties Plc - Results for 12 Months to 31 December 2023
FOR IMMEDIATE RELEASE
30 April 2024
LONDON & ASSOCIATED PROPERTIES PLC:
RESULTS FOR 12 MONTHS TO 31 DECEMBER 2023
The 2023 Annual Report and Accounts is now available to view at: www.lap.co.uk/investor-document/annual-report-and-accounts/. A copy has been submitted to the National Storage Mechanism, in accordance with Listing Rule 9.6.1
HIGHLIGHTS
- Loss for the year attributable to shareholders of £3.9 million compared to profit of £2.7 million last year
- Bisichi (41.6% owned) reported profits after tax attributable to shareholders of £0.3 million compared to £17.6 million last year
- Like-for-like rental income increased 1.9% to £2.61 million, reflecting rents achieved on new lettings:
- At our Runcorn industrial estate, letting achieved at 32% uplift to passing rent;
- At our Warrington industrial estate, we achieved rental uplifts of 55% and 49% over passing rent
- The resilience of our rental income is underpinned by 97.3% occupancy levels against 96.4% in 2022 while rent collection levels are up to 92% in Q1 2024 compared with 90% in Q1 2023
"Our consolidated property portfolio, excluding Orchard Square, Sheffield was valued at £46.08 million at 31 December 2023 compared to £45.27 million on a like-for-like basis a year earlier..…… This result reflects the resilience of our assets; even in the current high interest rate environment we have achieved increased rents on many new lettings." John Heller, Chairman & Chief Executive.
Contact:
John Heller, Chairman & Chief Executive, LAP Tel: 020 7415 5000
Jonathan Mintz, Finance Director, LAP Tel: 020 7415 5000
Baron Phillips, Baron Phillips Associates Tel: 07767 444193
