London & Associated Properties Plc - Results for the 12 Months to 31 December 2021

PR Newswire

London, April 27

LONDON & ASSOCIATED PROPERTIES PLC:

RESULTS FOR 12 MONTHS TO 31 DECEMBER 2021

The 2021 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

  • Results attributable to shareholders close to break even compared to loss of £6.7 million last year
  • Like-for-like consolidated property valuation shows small increase over previous year at £66.9 million (2020: £66.8 million)
  • Like-for-like rental income increased 4.5% to £5.9 million reflecting stabilisation of rents achieved on new lettings
  • Achieved £4.2 million of property sales – more than half of which from the disposal of 38,500 sq ft Runcorn industrial unit
  • Occupancy levels of 96.0% at year-end against 92.2% in 2020 while rent collection levels up to 83% in Q1 2022 compared with 53% in the same period a year ago
  • Overheads continued to be cut during period including moving to smaller premises
  • Continued progress made repositioning Orchard Square, Sheffield into mixed-use and experiential location:
    • Creation of Sheffield Plate comprising street food venue great success with waiting list of operators
    • Further work underway to complement Sheffield Plate by introducing further restaurants and bars.
    • Remainder of Orchard Square fully let
  • Bisichi delivered EBITDA of £5.8 million against loss of £2.4 million in 2020

“LAP has made good progress overall. We have achieved this by continuing to focus on reducing costs, repositioning our portfolio away from fashion-orientated retail and shopping centres, and maintaining intensive management of our assets,” Sir Michael Heller, Chairman, and John Heller, Chief Executive.

Contact:

John Heller, Chief Executive, LAP                                                          Tel: 020 7415 5000

Jonathan Mintz, Finance Director, LAP                                                  Tel: 020 7415 5000

Baron Phillips, Baron Phillips Associates                                               Tel: 07767 444193