REG-London & Associated Properties Plc: Results for 12 Months to 31 December 2023

London & Associated PropertiesAnnouncement

30/04/2024 07:30

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 



Copyright (c) 2024 PR Newswire Association,LLC. All Rights Reserved