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

London & Associated PropertiesAnnouncement

28/04/2022 07:15

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  



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