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

London & Associated PropertiesAnnouncement

28/04/2023 07:45

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 



Copyright (c) 2023 PR Newswire Association,LLC. All Rights Reserved