London & Associated Properties Plc - Results for 12 Months to 31 December 2023
FOR IMMEDIATE RELEASE
RESULTS FOR 12 MONTHS TO
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 ourRuncorn industrial estate, letting achieved at 32% uplift to passing rent; o At ourWarrington 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
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Our consolidated property portfolio, excluding
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