London & Associated Properties Plc - Half-year Report
FOR IMMEDIATE RELEASE
HALF YEAR RESULTS TO
It also holds a substantial stake in the main market listed Bisichi PLC which operates coal mines in
HIGHLIGHTS
-- Reduced profitability – o Operating loss £2.2 million (June 2024 : profit of £4.7 million) o Loss before tax £3.0 million (June 2024 : profit of £4.2 million) -- Net assets attributable to shareholders – o Decreased to £26.7 million (December 2024 : £28.1 million) o Now 31.33p (December 2024 : 32.91p) per share -- Property portfolio seeing continued strong tenant demand, with Group occupancy levels of 94.4% by rental income (June 2024 : 95.5%).
“ The Group’s property business continues to perform satisfactorily. However, it is evident that, although we have low vacancy levels, prospective tenants are taking longer to commit to new leases…we continue to explore all opportunities to reduce overheads and restore profitability.”
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Contact:
Baron Phillips
Half year results for the period ended
Half year review
Our results for the six months ended
Net assets attributable to shareholders decreased from £28.0 million to £26.7 million (equivalent to 31.33p per share as compared to 32.91p per share at December 2024). As usual, we have not undertaken a valuation at the half year.
The Group’s property business continues to perform satisfactorily. However, it is evident that, although we have low vacancy levels, prospective tenants are taking longer to commit to new leases. This trend is especially apparent in our industrial portfolio, where we have been marketing a well-located, recently refurbished unit since February. Despite initial advice suggesting it would be let within a few weeks, it remains unoccupied.
Falling interest rates helped improve the Group’s property earnings. There remains however significant uncertainty over the medium-term direction of interest rates and whilst we have chosen not to hedge any of our borrowings so far this year, we keep this constantly under review.
Across our entire portfolio, voids have risen slightly to 5.6% by rental value (
We continue to explore all opportunities to reduce overheads and restore profitability, including assessing options for our
As previously reported planning consent for 56 flats and four retail units at our West Ealing development site has been fully implemented. The market for residential development remains particularly challenging due to increased construction costs and the uncertainty arising from the practical implementation of the new
At
For the first six months of the year, Bisichi PLC, which is 42% owned by LAP, made a profit before interest, tax, depreciation and amortisation (EBITDA) of £0.13 million (
Bisichi intends to pay an interim dividend on
Further details of Bisichi’s performance and a forward-looking statement can be found in its own half year report available at www.bisichi.com.
The increasing cost pressures, higher than forecast interest rates and longer lead-in times for the re-letting of certain vacant units have determined the Directors’ decision not to declare a dividend for the half year. As a Board we continue to examine every option to return the Group to profitability, and I look forward to updating shareholders on our initiatives in due course.
Chairman and Chief Executive
Consolidated income statement
for the six months ended
6 months 6 months Year ended ended ended 30 June 30 June 31 December 2025 2024 2024 (unaudited) (unaudited) (audited) Notes £’000 £’000 £’000 Group revenue 1 26,138 24,754 54,917 Operating costs (28,317) (20,037) (49,624) Operating (loss)/profit 1 (2,179) 4,717 5,293 Finance income 2 56 115 202 Finance expenses 2 (1,129) (1,534) (2,971) Result before valuation and other (3,252) 3,298 2,524 movements Non–cash changes in valuation of assets and liabilities and other movements Exchange losses - - (23) Increase in value of investment properties - - 1,800 Gain on investments held at fair value 241 920 68 (Bisichi) Gain on disposal of subsidiary - - 50 (Loss)/profit for the period before 1 (3,011) 4,218 4,419 taxation Income tax credit/(charge) 3 569 (1,302) (1,615) (Loss)/profit for the period (2,442) 2,916 2,804 Attributable to: Equity holders of the Company (1,280) 55 (373) Non–controlling interest (1,162) 2,861 3,177 (Loss)/profit for the period (2,442) 2,916 2,804 (Loss)/profit per share – basic and 4 (1.50)p 0.06p (0.44)p diluted
Consolidated statement of comprehensive income
for the six months ended
30 June 30 June 31 December 2025 2024 2024 (unaudited) (unaudited) (audited) £'000 £'000 £’000 (Loss)/profit for the period (2,442) 2,916 2,804 Other comprehensive income: Items that may be subsequently recycled to the income statement: Exchange differences on translation of (278) 175 (122) foreign operations Total comprehensive (expense)/income for the (2,720) 3,091 2,682 period, net of tax Attributable to: Equity shareholders (1,352) 97 (405) Non–controlling interest (1,368) 2,994 3,087 (2,720) 3,091 2,682
Consolidated balance sheet
at
30 June 30 June 31 December 2025 2024 2024 (unaudited) (unaudited) (audited) Notes £'000 £'000 £'000 Non–current assets Market value of properties 37,405 35,643 37,405 attributable to Group Present value of head leases 1,586 1,551 1,586 Property 5 38,991 37,194 38,991 Mining reserves, property, plant and 21,648 22,796 23,603 equipment Other investments at fair value through profit and loss (“FVPL”) 13,245 15,181 14,339 (Bisichi) 73,884 75,171 76,933 Current assets Inventories – Property 5 8,996 9,465 8,996 Inventories – Mining 3,673 3,433 3,377 Trade and other receivables 5,704 10,058 7,202 Investments in listed securities held 459 768 628 at FVPL (Bisichi) Cash and cash equivalents 2,913 4,281 2,926 21,745 28,005 23,129 Total assets 95,629 103,176 100,062 Current liabilities Trade and other payables (17,457) (18,067) (15,748) Borrowings (7,220) (11,815) (7,163) Lease liabilities (377) (197) (439) Current tax liabilities (2,372) (4,750) (3,801) (27,426) (34,829) (27,151) Non–current liabilities Borrowings (17,162) (13,334) (17,929) Lease liabilities (1,907) (1,543) (2,134) Provisions (1,541) (1,635) (1,590) Deferred tax liabilities (3) (680) (699) (20,613) (17,192) (22,352) Total liabilities (48,039) (52,021) (49,503) Net assets 47,590 51,155 50,559 Equity attributable to the owners of the parent Share capital 8,554 8,554 8,554 Share premium account 4,866 4,866 4,866 Translation reserve (Bisichi PLC) (1,364) (1,216) (1,290) Capital redemption reserve 47 47 47 Retained earnings (excluding treasury 14,772 16,480 16,052 shares) Treasury shares (144) (144) (144) Retained earnings 14,628 16,336 15,908 Total equity attributable to equity 26,731 28,587 28,085 shareholders Non – controlling interest 20,859 22,568 22,474 Total equity 47,590 51,155 50,559 Net assets per share attributable to 6 31.33p 33.50p 32.91p equity shareholders
Consolidated statement of changes in shareholders’ equity
for the six months ended
Retained Total Capital earnings excluding Share Share Translation Treasury Non–controlling Total redemption excluding Non– capital premium reserves shares Interests equity reserve treasury Controlling £’000 £’000 £’000 £’000 £’000 £’000 £’000 shares Interests £’000 £’000 Balance at 1 8,554 4,866 (1,258) 47 (144) 16,425 28,490 19,823 48,313 January 2024 Profit for the - - - - - 55 55 2,861 2,916 period Other comprehensive income: Currency - - 42 - - - 42 133 175 translation Total comprehensive - - 42 - - 55 97 2,994 3,091 income Transactions with owners: Dividends – non-controlling - - - - - - - (249) (249) interests Balance at 30 June 2024 8,554 4,866 (1,216) 47 (144) 16,480 28,587 22,568 51,155 (unaudited) Balance at 1 8,554 4,866 (1,258) 47 (144) 16,425 28,490 19,823 48,313 January 2024 (Loss)/profit (373) (373) 3,177 2,804 for the year Other comprehensive expense: Currency - - (32) - - - (32) (90) (122) translation Total comprehensive - - (32) - - - (32) (90) (122) expense Transaction with owners: Dividends – non–controlling - - - - - - - (436) (436) Interests Balance at 31 December 2024 8,554 4,866 (1,290) 47 (144) 16,052 28,085 22,474 50,559 (audited)
Consolidated statement of changes in shareholders’ equity - continued
for the six months ended
Retained Total Capital earnings excluding Share Share Translation Treasury Non–controlling Total redemption excluding Non– capital premium reserves shares Interests equity reserve treasury Controlling £’000 £’000 £’000 £’000 £’000 £’000 £’000 shares Interests £’000 £’000 Balance at 1 8,554 4,866 (1,290) 47 (144) 16,052 28,085 22,474 50,559 January 2025 Loss for the - - - - - (1,280) (1,280) (1,162) (2,442) period Other comprehensive expense: Currency - - (74) - - - (74) (204) (278) translation Total comprehensive - - (74) - - (1,280) (1,354) (1,366) (2,720) expense Transactions with owners: Dividends – non-controlling - - - - - - - (249) (249) interests Transactions - - - - - - - (249) (249) with owners Balance at 30 June 2025 8,554 4,866 (1,364) 47 (144) 14,772 26,731 20,859 47,590 (unaudited)
Consolidated cash flow statement
for the six months ended
6 months 6 months Year ended ended ended 30 June 30 June 31 December 2025 2024 2024 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating activities (Loss)/profit for the period before taxation (3,011) 4,218 4,419 Finance income (56) (115) (202) Finance expense 1,129 1,534 2,971 Increase in value of investment properties - - (1,800) Gain on investments held at FVPL (Bisichi) - - (68) Loss on disposal of subsidiary - - (50) Expenditure on trading property - (318) - Depreciation 1,974 1,761 4,311 Impairment of inventory - property - - 900 Development expenditure on inventories - - - (1,007) property Exchange adjustments 52 (27) 23 Gain on investment held for trading (241) (920) - Change in inventories (414) (795) (843) Change in receivables 3,451 (416) (70) Change in payables (68) 1,178 1,769 Cash inflows generated from operations 2,816 6,100 10,353 Income tax paid (1,431) (721) (1,789) Cash inflows from operating activities 1,385 5,379 8,564 Investing activities Acquisition of investment properties, mining (808) (5,178) (8,132) reserves, plant and equipment Disposal of other investments 1,504 - 5,372 Acquisition of other investments - (37) (5,279) Interest received 56 115 202 Cash inflows/(outflows) from investing 752 (5,100) (7,837) activities Financing activities Interest paid (1,064) (1,474) (2,804) Interest on obligation under finance leases (87) (64) (178) Repayment of lease liability (128) (134) (234) Receipt of bank loan – Bisichi PLC 1 21 3,845 Repayment of bank loan – Bisichi PLC (218) (64) (3,995) Repayment of bank loan – Dragon Retail (10) (155) (215) Properties Ltd Receipt of bank loan – London & Associated 247 - 496 Properties PLC Repayment of bank loan – London & Associated (4) (4) (7) Properties PLC Equity dividends paid – Bisichi PLC - - (436) Cash outflows from financing activities (1,263) (1,874) (3,528)
Consolidated cash flow statement - continued
for the six months ended
6 months 6 months Year ended ended ended 30 June 30 June 31 December 2025 2024 2024 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Net increase / (decrease) in cash and cash equivalents 874 (1,595) (2,801) Cash and cash equivalents at beginning of period 668 3,444 3,444 Exchange adjustment 5 (5) 25 Cash and cash equivalents at end of period 1,547 1,844 668
The cash flows above relate to continuing and discontinued operations.
Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise the following balance sheet amounts:
Cash and cash equivalents (before bank overdrafts) 2,913 4,281 2,926 Bank overdrafts (1,366) (2,437) (2,258) Cash and cash equivalents at end of period 1,547 1,844 668
Notes to the half year report
for the six months ended
1. Segmental analysis 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2025 2024 2024 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Revenue LAP - - Rental income 1,119 1,131 2,303 - - Service charge income 114 70 149 - - Management income from third parties 13 9 34 Bisichi - - Rental income 515 523 1,039 - - Service charge income - - 191 - - Mining 24,320 22,940 51,023 - Dragon - - Rental income 57 81 168 - - Service charge income - - 10 26,138 24,754 54,917 Operating (loss)/profit LAP (498) (482) (1,781) Bisichi (1,713) 5,134 6,970 Dragon 32 65 104 (2,179) 4,717 5,293 (Loss)/profit before taxation LAP (1,163) (1,151) (1,551) Bisichi (1,851) 5,342 5,811 Dragon 3 27 159 (3,011) 4,218 4,419 2. Finance costs 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2025 2024 2024 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Finance income 56 115 202 Finance expenses: Interest on bank loans and overdrafts (1,009) (1,430) (2,019) Unwinding of discount (Bisichi) - - (20) Other loans (32) (32) (769) Interest on obligations under finance leases (88) (72) (163) Total finance expenses (1,129) (1,534) (2,971) Net finance expense (1,073) (1,419) (2,769)
Notes to the half year report – continued
3. Income tax 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2025 2024 2024 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Current tax 67 228 462 Deferred tax (636) 1,074 1,153 (569) 1,302 1,615
4. Earnings per share 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2025 2024 2024 (unaudited) (unaudited) (audited) (Loss)/profit attributable to equity (1,280) 55 (373) shareholders after tax (£’000) Weighted average number of shares in issue 85,326 85,326 85,326 for the period ('000) Basic earnings per share (1.50)p 0.06p (0.44)p Diluted number of shares in issue ('000) 85,326 85,326 85,326 Diluted earnings per share (1.50)p 0.06p (0.44)p
5. Properties
Investment properties are held at fair value at each reporting period.
During the period no properties were acquired or sold.
The West Ealing development property is held as inventory at a value of £8,996,000 being its net realisable value based on the latest cash flow appraisal. An impairment provision of £1,152,000 has been made against the cost of the development at
Other than as discussed above the Directors have placed a valuation on the properties which is not materially different to the value as at
6. Net assets per share 30 June 30 June 31 December 2025 2024 2024 (unaudited) (unaudited) (audited) Shares in issue ('000) 85,326 85,326 85,326 Net assets attributable to equity 26,731 28,587 28,085 shareholders (£'000) Basic net assets per share 31.33p 33.50p 32.91p Shares in issue diluted by outstanding share 85,326 85,326 85,326 options ('000) Net assets after issue of share options 26,731 28,587 28,085 (£'000) Fully diluted net assets per share 31.33p 33.50p 32.91p
Notes to the half year report - continued
7. Related party transactions
The related parties and the nature of costs recharged are as disclosed in the group’s annual financial statements for the year ended
8. Dividends
There is no interim dividend payable for the period (
There is no final dividend payable in respect of 2024.
9. Risks and uncertainties
The group’s principal risks and uncertainties are reported on pages 9 and 10 in the 2024 Annual Report. They have been reviewed by the Directors and remain unchanged for the current period.
The largest area of estimation and uncertainty in the interim financial statements is in respect of the valuation of investment properties (which are not revalued at the half year).
For Bisichi PLC, the largest area of estimation relates to currency movements and coal mining activities in
Property, plant and equipment representing Bisichi’s mining assets in
Other areas of estimation and uncertainly are referred to in the Group's annual financial statements. There have been no significant changes to the basis of accounting for key estimates and judgements as disclosed in the annual report as at
10. Contingent liabilities and events after the reporting period
11. Financial information
The above financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The figures for the year ended
As required by the Disclosure and Transparency Rules of the
The half year results have not been audited or subject to review by the company's auditor.
The annual financial statements of
As stated in the 2024 Annual Report in the group accounting policies, Bisichi PLC and
The assessment of new standards, amendments and interpretations issued but not effective, is that these are not anticipated to have a material impact on the financial statements.
The interim financial statements have been prepared on a going concern basis.
12. Board approval
The half year results were approved by the Board of
Directors' responsibility statement
The Directors confirm that to the best of their knowledge:
(a) the condensed consolidated interim financial statements have been prepared in accordance with
(b) the interim management report includes a fair review of the information required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
This report contains forward-looking statements. These statements are based on current estimates and projections of management and currently available information. Future statements are not guarantees of the future developments and results outlined therein. Rather, future developments and results are dependent on a number of factors; they involve various risks and uncertainties and are based upon assumptions that may not prove to be accurate. Risks and uncertainties identified by the Group are set out on pages 9 and 10 of the 2024 Annual Report & Accounts. We do not assume any obligation to update the forward-looking statements contained in this report.
Signed on behalf of the Board on
Director Director
Directors and advisors Directors Executive directors John A HellerLLB MBA (Chief Executive and Chairman) Jonathan Mintz FCA (Finance Director) Non-executive directors #†Clive A ParrittFCA CF FIIA †Robin PriestMA Andrew R HellerMA, ACA # Senior independent director †Member of the audit, remuneration and nomination committees Secretary & registered office Jonathan MintzFCA12 Little Portland Street London W1W 8BJ Registrars & transfer office MUFG Corporate MarketsCentral Square 29 Wellington Street Leeds LS1 4DLUK Telephone: 0371 664 0300 International Telephone: +44 371 664 0300 (Calls are charged at the standard geographic rate and will vary by provider. Calls outside theUnited Kingdom will be charged at the applicable international rate) Lines are openbetween 8.00am and 5.30pm , Monday to Friday, excluding public holidays inEngland andWales . Website:www.mpms.mufg.com E-mail: shareholderenquiries@cm.mpms.mufg.com Company registration number 00341829 (England andWales ) Website www.lap.co.uk E-mail admin@lap.co.uk
