London & Associated Properties Plc - Half Year Results to 30 June 2024

PR Newswire

 

FOR IMMEDIATE RELEASE

30 August 2024

LONDON & ASSOCIATED PROPERTIES PLC

HALF YEAR RESULTS TO 30 JUNE 2024

 

London & Associated Properties PLC (“LAP” or the “Group”) is a main market listed property investment group that specialises in industrial and essential retail property in the UK.

It also holds a substantial stake in the main market listed Bisichi PLC which operates coal mines in South Africa and invests in UK property.

 

HIGHLIGHTS

  • Improved profitability –
    • Operating profit £3.3 million (June 2023: loss £2.0 million)
    • Profit before tax £4.2 million (June 2023: loss £2.5 million)
  • Net assets attributable to shareholders –
    • Increased to £28.6 million (December 2023: £28.5 million)
    • Now 33.50p (December 2023: 33.38p) per share
  • Property portfolio seeing continued strong tenant demand, with Group occupancy levels of 95.5% by rental income (June 2023: 98.4%). 1.1% of the current vacancies relate to 5 residential units recently returned to us at the end of a long lease.

LAP’s options for enhancing performance have been limited by interest rates and inflation. The recent and forecast easing of these pressures, combined  with the ongoing drive to reduce overheads and Bisichi’s forward looking performance outlook, should enable LAP to deliver improved returns for shareholders.”

 

-more-

 

Contact:
 

 London & Associated Properties PLC   Tel: 020 7415 5000

 John Heller, Chairman and Chief Executive 

 

 Baron Phillips Associates    Tel: 07767 444193

 Baron Phillips




Half year results for the period ended

30 June 2024

 

Half year review

We are pleased to report that for the six month period ended 30 June 2024 the Group has made a profit before tax of £4.2 million. Profit after tax attributable to shareholders was £0.1 million (2023: loss of £3.0 million). Net assets attributable to shareholders increased slightly from £28.5 million to £28.6 million (33.50p per share as compared to 33.38p per share at December 2023).

The Group’s property business continues to perform satisfactorily, with strong tenant demand. Bisichi’s mining business also performed well in the period, with a significant improvement in mining production and lower mining costs.

Interest rates remaining at recent historical highs during the period continued to depress earnings from the Group’s property business, but we expect that these pressures will ease in the immediately foreseeable future.

Like for like revenue from property activities remained steady at £1.8 million (2023: £1.8 million, excluding Orchard Square and a one-off lease premium receipt).

We are continuing to see strong demand in both our industrial and value-orientated retail properties. While we remain open to selling any properties where we think we can reinvest the proceeds into new assets with stronger growth potential, we remain happy with the cash generating potential of the current portfolio.

Across our entire portfolio, voids remain at a low level of 4.5% by rental value (30 June 2023: 1.6%). 1.1% of the current vacancies relate to 5 residential units recently returned to us, with vacant possession, at the end of a long lease, which we anticipate will be relet quickly.

As reported in our 2023 Annual Report and Accounts, LAP has relinquished its interest in Orchard Square Limited but continues to work with the lender to manage and prepare the property for sale. The loan held by Orchard Square Limited was refinanced in August 2024 with the existing lender, with LAP’s only commercial interest being its ongoing management fee and any performance fee relating to the sale of the property. There is no obligation on LAP to provide future funding to Orchard Square Limited, nor does the lender have any security over LAP Group assets outside Orchard Square Limited. Other than the income that LAP generates from its management of the property, Orchard Square Limited has no effect on LAP’s financial results and the investment has been fully written down in the accounts in previous periods.

We continue to review all opportunities to reduce overheads and improve profitability, including assessing options for our head office when the lease expires in Q4 2024.

At our development site in West Ealing, we have fully implemented the planning consent for 56 flats and four retail units. In June 2024, the joint venture secured an offer of funding, agreed a price for a Registered Provider to purchase the affordable element of the scheme and agreed a construction cost with a contractor. The contractor went into administration in July 2024, before we commenced construction, and we are now in the process of retendering the construction contract. The lender and the Registered Provider have both indicated that once a new contractor is selected they will be available to restart the process. We are scheduled to complete the tendering process in November 2024, with a view to starting on site in early 2025.

Our joint venture with Bisichi plc, Dragon Retail Properties Limited (“Dragon”), executed a new 3-year loan with Santander UK plc, the existing lender, for £0.74 million in July 2024, with an LTV of 50% and an interest rate of 3.5% above the Bank of England base rate. This loan is secured on Dragon’s property portfolio.

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 £7.35 million (2023: £1.42 million) and an operating profit before depreciation, fair value adjustments and exchange movements (Adjusted EBITDA) of £6.65 million (2023: £2.17 million). Higher earnings for Bisichi, compared to the first six months of 2023, are mainly attributable to the significant improvement in mining production and lower mining costs at its South African coal mining asset, Black Wattle Colliery. This offset the lower prices for coal sold by Sisonke Coal Processing, the Group’s South African coal processing operation.

Bisichi intends to pay an interim dividend on 7 February 2025 of 3p (2023: 3p) per share, £133,000 of which will be receivable by LAP.

Further details of Bisichi’s performance and a forward looking statement can be found in their own half year report available at www.bisichi.com.

LAP’s options for enhancing performance have been limited by interest rates and inflation. The recent and forecast easing of these pressures, combined with the ongoing drive to reduce overheads and Bisichi’s forward looking performance outlook, should enable LAP to deliver improved returns for shareholders. The Board of LAP bases its decisions regarding dividend payments on the results and financial position of the Group’s property activities and accordingly has decided not to declare a dividend for the half year.

John Heller

Chairman and Chief Executive

 

29 August 2024

 

Consolidated income statement

for the six months ended 30 June 2024

 

Notes

6 months

ended

30 June

2024

(unaudited)

 

 

£’000

6 months

ended

30 June

2023

(unaudited)

 

 

£’000

Year

ended

31 December

2023

(audited)

 

 

£’000

Group revenue

1

24,754

28,335

53,183

Operating costs

 

(20,037)

(28,708)

(52,017)

Operating profit/(loss)

1

4,717

(373)

1,166

Finance income

2

115

171

332

Finance expenses

2

(1,534)

(1,775)

(3,646)

Result before valuation and other movements

 

3,298

(1,977)

(2,148)

 

 

 

 

 

Non–cash changes in valuation of assets and liabilities and other movements

 

 

 

 

Exchange losses

 

-

-

(158)

Increase/(decrease) in value of investment properties

 

-

-

(5)

Profit on disposal of fixed assets

 

-

-

4

Gain/(loss) on investments held at fair value (Bisichi)

 

920

(553)

759

Loss on disposal of subsidiary

 

-

-

(1,930)

Decrease in value of other investments

 

-

-

(6)

Result including revaluation and other movements

 

4,218

(2,530)

(3,484)

Profit/(loss) for the period before taxation

1

4,218

(2,530)

(3,484)

Income tax charge

3

(1,302)

(232)

(307)

Profit/(loss) for the period

 

2,916

(2,762)

(3,791)

 

 

 

 

 

Attributable to:

 

 

 

 

Equity holders of the Company

 

55

(3,007)

(3,861)

Non–controlling interest

 

2,861

245

70

Profit/(loss) for the period

 

2,916

(2,762)

(3,791)

 

 

 

 

 

Profit/(loss) per share – basic and diluted

4

0.06

(3.52)

(4.52)

 




Consolidated statement of comprehensive income

for the six months ended 30 June 2024

 

 

30 June

2024

(unaudited)

 30 June

2023

(unaudited)

 31 December

 2023

(audited)

 

 

 

£'000

£'000

£’000

 

 

 

 

Profit/(loss) for the period

2,916

(2,762)

(3,791)

Other comprehensive income:

 

 

 

 

 

 

 

Items that may be subsequently recycled to the income statement:

 

 

 

Exchange differences on translation of foreign operations

175

(874)

(675)

Other comprehensive income/(expense) for the period, net of tax

175

(874)

(675)

Total comprehensive income/(expense) for the period, net of tax

3,091

(3,636)

(4,466)

Attributable to:

 

 

 

Equity shareholders

97

(3,256)

(4,056)

Non–controlling interest

2,994

(380)

(410)

 

3,091

(3,636)

(4,466)




 

Consolidated balance sheet

at 30 June 2024

 

 

30 June

2024

(unaudited)
£'000

30 June

2023

(unaudited)

£'000

31 December

2023

(audited)

£'000

 

 

 

 

 

 Notes

 

 

 

Non–current assets

Market value of properties attributable to Group

 

35,643

35,610

35,060

Present value of head leases

 

1,551

1,552

1,589

Property

5

37,194

37,162

36,649

Mining reserves, property, plant and equipment

 

22,796

14,599

19,164

Other investments at fair value through profit and loss (“FVPL”) (Bisichi)

 

15,181

12,740

14,258

Deferred tax

 

-

-

432

 

 

75,171

64,501

70,503

Current assets

 

 

 

 

Inventories – Property

5

9,465

21,256

8,889

Inventories – Mining

 

3,433

4,502

2,579

Assets held for sale

 

-

-

545

Trade and other receivables

 

10,058

8,031

7,413

Investments in listed securities held at FVPL (Bisichi)

 

768

779

734

Cash and cash equivalents

 

4,281

10,886

6,978

 

 

28,005

45,454

27,138

Total assets

 

103,176

109,955

97,641

Current liabilities

 

 

 

 

Trade and other payables

 

(18,067)

(14,386)

(14,463)

Borrowings

 

(11,815)

(21,580)

(12,792)

Lease liabilities

 

(197)

(345)

(394)

Current tax liabilities

 

(4,750)

(4,321)

(5,191)

 

 

(34,829)

(40,632)

(32,840)

Non–current liabilities

 

 

 

 

Borrowings

 

(13,334)

(17,154)

(13,291)

Lease liabilities

 

(1,543)

(1,599)

(1,582)

Provisions

 

(1,635)

(1,475)

(1,615)

Deferred tax liabilities

 

(680)

236

-

 

 

(17,192)

(19,992)

(16,488)

Total liabilities

 

(52,021)

(60,624)

(49,328)

Net assets

 

51,155

49,331

48,313

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)

 

(1,216)

(1,314)

(1,258)

Capital redemption reserve

 

47

47

47

 Retained earnings (excluding treasury shares)

 

16,480

17,279

16,425

 Treasury shares

 

(144)

(144)

(144)

Retained earnings

 

16,336

17,135

16,281

Total equity attributable to equity shareholders

 

28,587

29,288

28,490

Non – controlling interest

 

22,568

20,043

19,823

Total equity

 

51,155

49,331

48,313

 

 

 

 

 

Net assets per share attributable to equity shareholders

6

33.50p

34.32p

33.38p

  


 

Consolidated statement of changes in shareholders’ equity

for the six months ended 30 June 2024

 

 

Share

capital

£’000

Share

premium

£’000

 

Translation

reserves

£’000

Capital

redemption

reserve

£’000

Treasury

shares

£’000

Retained

earnings

excluding

treasury

shares

£’000

Total

excluding

Non–

Controlling

Interests

£’000

 

 

Non–
controlling

Interests

£’000

Total

equity

£’000

 

 

 

 

 

 

 

 

 

 

Balance at 1 January 2023

8,554

4,866

(1,063)

47

(144)

20,286

32,546

21,169

53,715

(Loss)/profit for the period

-

-

-

-

-

(3,007)

(3,007)

245

(2,762)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

Currency translation

-

-

(251)

-

-

-

(251)

(623)

(874)

Total other comprehensive income

-

-

(251)

-

-

-

(251)

(623)

(874)

Total comprehensive income

-

-

(251)

-

-

(3,007)

(3,258)

(378)

(3,636)

Transactions with owners:

 

 

 

 

 

 

 

 

 

Dividends – non-controlling interests

-

-

-

-

-

-

-

(748)

(748)

Transactions with owners

-

-

-

-

-

-

-

(748)

(748)

Balance at 30 June 2023 (unaudited)

8,554

4,866

(1,314)

47

(144)

17,279

29,288

20,043

49,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 1 January 2023

8,554

4,866

(1,063)

47

(144)

20,286

32,546

21,169

53,715

(Loss)/profit for the year

-

-

-

-

-

(3,861)

(3,861)

70

(3,791)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

Currency translation

-

-

(195)

-

-

-

(195)

(480)

(675)

Total other comprehensive expense

 

-

 

-

 

(195)

 

-

 

-

-

(195)

(480)

(675)

Total comprehensive expense

 

-

 

-

 

(195)

 

-

 

-

 

(3,861)

 

(4,056)

 

(410)

 

(4,466)

Transaction with owners:

 

 

 

 

 

 

 

 

 

Dividends – non–controlling

Interests

-

-

-

-

-

-

-

(936)

(936)

Transactions with owners

-

-

-

-

-

-

-

(936)

(936)

Balance at 31 December 2023

(audited)

 

8,554

 

4,866

 

(1,258)

 

47

 

(144)

 

16,425

 

28,490

 

19,823

 

48,313

 




Consolidated statement of changes in shareholders’ equity - continued

for the six months ended 30 June 2024

 

 

 

 

 

 

 

 

 

 

Share

capital

£’000

Share

premium

£’000

 

Translation

reserves

£’000

Capital

redemption

reserve

£’000

Treasury

shares

£’000

Retained

earnings

excluding

treasury

shares

£’000

Total

excluding

Non–

Controlling

Interests

£’000

 

 

Non–controlling

Interests

£’000

Total

equity

£’000

 

 

 

 

 

 

 

 

 

 

Balance at 1 January 2024

8,554

4,866

(1,258)

47

(144)

16,425

28,490

19,823

48,313

Profit for the period

-

-

-

-

-

55

55

2,861

2,916

Other comprehensive income:

 

 

 

 

 

 

 

 

 

Currency translation

-

-

42

-

-

-

42

133

175

Total other comprehensive income

-

-

42

-

-

-

42

133

175

Total comprehensive income

-

-

42

-

-

55

97

2,994

3,091

Transactions with owners:

 

 

 

 

 

 

 

 

 

Dividends – non-controlling interests

-

-

-

-

-

-

-

(249)

(249)

Transactions with owners

-

-

-

-

-

-

-

(249)

(249)

Balance at 30 June 2024 (unaudited)

8,554

4,866

(1,216)

47

(144)

16,480

28,587

22,568

51,155

 

 

 

 

Consolidated cash flow statement

for the six months ended 30 June 2024

 

 6 months

 ended

 30 June

2024

(unaudited)

6 months

 ended

 30 June

2023

(unaudited)

 Year

 ended

 31 December

 2023

(audited)

 

 

 

 

 

£'000

£'000

£'000

 

 

 

 

Operating activities

 

 

 

Profit/(loss) for the year before taxation

4,218

(2,530)

(3,484)

Finance income

(115)

(171)

(332)

Finance expense

1,534

1,775

3,646

Decrease in value of investment properties

-

-

5

Gain on investments held at FVPL (Bisichi)

-

-

(759)

Loss on disposal of subsidiary

-

-

1,930

Decrease in value of other investments

-

6

6

Expenditure on trading property

(318)

-

-

Depreciation

1,761

899

1,761

Profit on disposal of non-current assets

-

(2)

(4)

Exchange adjustments

(27)

188

158

(Gain)/loss on investment held for trading

(920)

553

-

Development expenditure on inventories

-

-

(777)

Change in inventories

(795)

1,572

2,046

Change in receivables                                       

(416)

728

(933)

Change in payables

1,178

(3,627)

429

Cash inflows/(outflows) generated from operations

6,100

(609)

3,692

Income tax paid

(721)

(327)

137

Cash inflows/(outflows) from operating activities

5,379

(936)

3,829

Investing activities

 

 

 

Disposal of subsidiary

-

-

(148)

Acquisition of investment properties, mining reserves, plant and equipment

(5,178)

(1,061)

(5,952)

Sale of plant and equipment

-

16

21

Disposal of other investments

-

-

432

Acquisition of other investments

(37)

(596)

(1,189)

Interest received    

115

171

332

Cash outflows from investing activities

(5,100)

(1,470)

(6,504)

Financing activities

 

 

 

Interest paid    

(1,474)

(1,693)

(3,557)

Interest on obligation under finance leases 

(64)

(17)

(185)

Repayment of lease liability

(134)

(126)

(251)

Receipt of bank loan – Bisichi PLC

21

27

99

Repayment of bank loan – Bisichi PLC

(64)

(540)

(624)

Repayment of bank loan – Dragon Retail Properties Ltd

(155)

(183)

(193)

Receipt of bank loan – London & Associated Properties PLC

-

3

-

Repayment of bank loan – London & Associated Properties PLC

(4)

(61)

(95)

Equity dividends paid

-

-

(1,372)

Cash outflows from financing activities

(1,874)

(2,590)

(6,178)

 

 




Consolidated cash flow statement - continued

for the six months ended 30 June 2024

 

 6 months

 ended

 30 June

2024

(unaudited)

 6 months

 ended

 30 June

2023

(unaudited)

 Year

 ended

 31 December

 2023

(audited)

 

 

 

 

 

 

 

 

 

£'000

£'000

£'000

Net decrease in cash and cash equivalents

(1,595)

(4,996)

(8,853)

Cash and cash equivalents at beginning of period

3,444

12,157

12,157

Exchange adjustment

(5)

177

140

Cash and cash equivalents at end of period

1,844

7,338

3,444

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)

4,281

10,886

6,978

Bank overdrafts

(2,437)

(3,548)

(3,534)

Cash and cash equivalents at end of period

1,844

7,338

3,444

 

 




 

Notes to the half year report
for the six months ended 30 June 2024   

 

 

 

 

1. Segmental analysis

 6 months

 6 months

 Year

 

 ended

 ended

 ended

 

30 June

30 June

 31 December

 

2024

2023

2023

 

(unaudited)

(unaudited)

(audited)

 

 £'000

 £'000

 £'000

Revenue

 

 

 

LAP

 

 

 

-                   - Rental income

1,131

2,000

3,323

-                   - Service charge income

70

378

451

-                   - Management income from third parties

9

9

18

Bisichi

 

 

 

-                   - Rental income

523

524

1,051

-                   - Service charge income

-

-

181

-                   - Mining

22,940

25,341

47,985

-                   Dragon

 

 

 

-                   - Rental income

81

83

168

-                   - Service charge income

-

-

6

 

24,754

28,335

53,183

Operating (loss)/profit

 

 

 

LAP

(482)

(1,728)

(281)

Bisichi

5,134

1,296

1,318

Dragon

65

59

129

 

4,717

(373)

1,166

 

 

 

 

(Loss)/profit before taxation

 

 

 

LAP

(1,151)

(2,942)

(4,341)

Bisichi

5,342

390

813

Dragon

27

22

44

 

4,218

(2,530)

(3,484)

 

 

 

 

 

2. Finance costs

 6 months

6 months

 Year

 

 ended

ended

 ended

 

30 June

30 June

 31 December

 

2024

2023

2023

 

(unaudited)

(unaudited)

(audited)

 

 £'000

 £'000

 £'000

 

 

 

 

Finance income

115

171

332

Finance expenses:

 

 

 

Interest on bank loans and overdrafts

(1,430)

(1,671)

(2,658)

Unwinding of discount (Bisichi)

-

-

(112)

Other loans

(32)

(32)

(705)

Interest on obligations under finance leases

(72)

(72)

(171)

Total finance expenses

(1,534)

(1,775)

(3,646)

 

(1,419)

(1,604)

(3,314)

 

 

3. Income tax

 6 months

 6 months

 Year

 

 ended

 ended

 ended

 

30 June

30 June

 31 December

 

2024

2023

2023

 

(unaudited)

(unaudited)

(audited)

 

 £'000

 £'000

 £'000

 

 

 

 

Current tax

228

1,017

1,318

Deferred tax

1,074

(785)

(1,011)

 

1,302

232

307

 

 

4. Earnings per share

 6 months

 6 months

 Year

 

 ended

 ended

 ended

 

30 June

30 June

 31 December

 

2024

2023

2023

 

(unaudited)

(unaudited)

(audited)

 

 

 

 

 Profit/(loss) attributable to equity shareholders after tax (£’000)

55

(3,007)

(3,861)

 

 

 

 

 Weighted average number of shares in issue for the period ('000)

85,326

85,326

85,326

 Basic earnings per share

0.06p

(3.52)p

(4.52)p

 Diluted number of shares in issue ('000)

85,326

85,326

85,326

 Diluted earnings per share

0.06p

(3.52)p

(4.52)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 cost, being lower than its net realisable value based on the latest cash flow appraisal.

 

The Orchard Square development property was held at a value of £14.75 million at 30 June 2023, with control being relinquished in July 2023. This is explained in more detail on page 59 (note 6) of the 2023 Annual Report and Accounts.

 

Other than as discussed above the Directors have placed a valuation on the properties which is not materially different to the value as at 31 December 2023. Investment properties are therefore included at a directors’ valuation which is considered to be the fair value as at 30 June 2024. Please refer to pages 52 and 53 of the 2023 Annual Report and Accounts for details on the valuation of investment and inventory properties as at 31 December 2023.

 

6. Net assets per share

30 June

30 June

 31 December

 

2024

2023

2023

 

(unaudited)

(unaudited)

(audited)

 

 

 

 

Shares in issue ('000)

85,326

85,326

85,326

Net assets attributable to equity shareholders (£'000)

28,587

29,288

28,490

Basic net assets per share

33.50p

34.32p

33.38p

 

 

 

 

Shares in issue diluted by outstanding share options ('000)

85,326

85,326

85,326

Net assets after issue of share options (£'000)

28,587

29,288

28,490

Fully diluted net assets per share

33.50p

34.32p

33.38p

 

 

 

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 31 December 2023.

 

 

8. Dividends    

    

There is no interim dividend payable for the period (30 June 2023: Nil).

There is no final dividend payable in respect of 2023.

 

 

9. Risks and uncertainties

 

The group’s principal risks and uncertainties are reported on pages 9 and 10 in the 2023 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 South Africa, including depreciation, impairment and the provision for rehabilitation (relating to environmental rehabilitation of mining areas).

 

Property, plant and equipment representing Bisichi’s mining assets in South Africa are reviewed for impairment where there is evidence of a material impairment. The impairment test indicated significant headroom as at 31 December 2023 and no impairment was considered appropriate.

 

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 31 December 2023.

 

 

10. Contingent Liabilities and Subsequent Events

 

Black Wattle Colliery (Pty) Ltd continues to be involved in a tax dispute in South Africa related to VAT. The dispute arose during the year ended 31 December 2020 and is related to events which occurred prior to the year ended 31 December 2020. The interpretation of laws and regulations in South Africa where the Group operates can be complex and can lead to challenges from or disputes with regulatory authorities. Such situations often take significant time to resolve. Where there is a dispute and where a reliable estimate of the potential liability cannot be made, or where the Group, based on legal advice, considers that it is improbable that there will be an outflow of economic resources, no provision is recognised. Further details of the contingent tax liability can be found on page 107 of Bisichi’s 2023 Annual report and Accounts.

An exit fee of £220,000 is due to Paragon bank, the lender to our development in West Ealing, when the loan is repaid.

In August 2024, the term loan with Paragon bank was extended until January 2025, with the exit fee of £220,000 being added to the loan value.

 

 

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 31 December 2023 are based upon the latest statutory accounts, which have been delivered to the Registrar of Companies; the report of the auditor on those accounts was unqualified and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.

 

As required by the Disclosure and Transparency Rules of the UK's Financial Conduct Authority, the interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and in accordance with both IAS 34 'Interim Financial Reporting' and in conformity with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS and the disclosure requirements of the Listing Rules.

  

The half year results have not been audited or subject to review by the company's auditor.

  

The annual financial statements of London & Associated Properties PLC are prepared in accordance with IFRS and in conformity with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS. The company has applied UK-adopted IAS and at the date of application, both UK-adopted IAS and EU-adopted IFRS are the same. The same accounting policies are used for the six months ended 30 June 2024 as were used for the year ended 31 December 2023.

 

As stated in the 2023 Annual Report in the group accounting policies, Bisichi PLC and Dragon Retail Properties Limited are consolidated with LAP, as required by IFRS 10. 

 

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 the going concern basis.

 

 

12. Board approval

The half year results were approved by the Board of London & Associated Properties PLC on 29 August 2024.

 

 



 

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 UK-adopted International Accounting Standard 34, Interim Financial Reporting.             

      

(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 2023 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 29 August 2024

 
       

John Heller              Jonathan Mintz   

Director                     Director   

        

       

 

 

Directors and advisors

 

Directors

Executive directors

 

John A Heller LLB MBA (Chief Executive and Chairman)

Jonathan Mintz FCA (Finance Director)

 

 

Non-executive directors

† Howard D Goldring BSC (ECON) ACA (resigned 30 June 2023)

#† Clive A Parritt FCA CF FIIA

† Robin Priest MA

Andrew R Heller MA, ACA

 

* Member of the nomination committee

# Senior independent director

† Member of the audit, remuneration and nomination

committees.

 

 

Secretary & registered office

Jonathan Mintz FCA

12 Little Portland Street

London W1W 8BJ

 

 

Registrars & transfer office

Link Group

Shareholder Services

The Registry

Central Square

29 Wellington Street

Leeds

LS1 4DL

 

 

UK 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 the United Kingdom will be charged at the applicable international rate)

 

Lines are open between 8.00am and 5.30pm, Monday to Friday, excluding public holidays in England and Wales.

 

Website: www.linkgroup.eu

E-mail: shareholderenquiries@linkgroup.co.uk

 

Company registration number

341829 (England and Wales)

 

 

Website

www.lap.co.uk

 

E-mail

admin@lap.co.uk