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

 
TIDMLAS 
 
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 
 
 
 
END

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April 28, 2022 02:00 ET (06:00 GMT)

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