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

 
TIDMLAS 
 
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 
 
 
 
END

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April 28, 2023 02:30 ET (06:30 GMT)

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