Results for 12 Months to 31 December 2023

FOR IMMEDIATE RELEASE

30 April 2024

LONDON & ASSOCIATED PROPERTIES PLC:

RESULTS FOR 12 MONTHS TO 31 DECEMBER 2023

The 2023 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

• Loss for the year attributable to shareholders of £3.9 million compared to profit of £2.7 million last year
• Bisichi (41.6% owned) reported profits after tax attributable to shareholders of £0.3 million compared to £17.6 million last year
• Like-for-like rental income increased 1.9% to £2.61 million, reflecting  rents achieved on new lettings:
  • At our Runcorn industrial estate, letting achieved at 32% uplift to passing rent;
  • At our Warrington industrial estate, we achieved rental uplifts of 55% and 49% over passing rent
• The resilience of our rental income is underpinned by 97.3% occupancy levels against 96.4% in 2022 while rent collection levels are up to 92% in Q1 2024 compared with 90% in Q1 2023

"Our consolidated property portfolio, excluding Orchard Square, Sheffield was valued at £46.08 million at 31 December 2023 compared to £45.27 million on a like-for-like basis a year earlier..…… This result reflects the resilience of our assets; even in the current high interest rate environment we have achieved increased rents on many new lettings."  John Heller, Chairman & Chief Executive.

Contact:

John Heller, Chairman & Chief Executive, LAP           Tel: [phone]

Jonathan Mintz, Finance Director, LAP    Tel: [phone]

Baron Phillips, Baron Phillips Associates              Tel: [phone] 

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