London & Associated Properties Plc - Results for 12 Months to 31 December 2022

PR Newswire

London, April 27

FOR IMMEDIATE RELEASE

28 April 2023

LONDON & ASSOCIATED PROPERTIES PLC:

RESULTS FOR 12 MONTHS TO 31 DECEMBER 2022

The 2022 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

  • Profit for the year attributable to shareholders of £2.7 million compared to loss of £0.2 million last year
  • Like-for-like rental income increased 0.4% to £3.65 million reflecting resilience of rents achieved on new lettings
  • Achieved £5.25 million of retail property sales including £4.75 million for West Bromwich shopping centre
  • Acquisition of £2.35 million Warrington industrial portfolio, with a 33% increase in rental income since acquisition
  • Occupancy levels of 96.4% at year-end against 96.0% in 2021 while rent collection levels up to 90% in Q1 2023 compared with 83% in Q1 2022
  • Replaced expiring 25-year £10.0 million debenture and £3.5 million term loan with new £13.6 million 5-year term loan with QIB (UK) PLC
  • Continued progress made repositioning Orchard Square, Sheffield into mixed-use and experiential location:
    • Continued revenue growth at street food venue, Sheffield Plate with waiting list of operators
    • Lettings achieved with new restaurants and bars complimenting existing offering
  • Bisichi delivered EBITDA of £40.0 million against £5.8 million in 2021

“LAP has continued its strategy of moving away from fashion orientated shopping centres and investing instead in other real estate sectors.  .…… These results reflect the resilience of the rents being achieved on new lettings within the portfolio.”  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