Company Announcements

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:
        o At our Runcorn industrial estate, letting achieved at 32% uplift to
          passing rent;
        o 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