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
