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LONDON - London & Associated Properties PLC (LAP) announced a profit after tax of £2.8 million for the year ending December 31, 2024, marking a significant turnaround from the previous year’s £3.8 million loss. The company also reported a slight loss attributable to shareholders of £0.4 million, which is an improvement over the £3.9 million loss in the prior year.
The company, which owns a 41.6% stake in Bisichi, highlighted that its associate reported profits after tax attributable to shareholders of £1.1 million, up from £0.3 million the year before. This contributed to the overall positive performance of LAP.
Investment properties owned by LAP saw an increase in value of £1.8 million, a 4.8% rise compared to a decrease in the previous year. The company’s like-for-like rental income grew by 3.0% to £3.5 million, driven by higher rents on new lettings, such as the uplift from £6.25 to £9.25 per square foot at the Warrington industrial estate.
Occupancy levels remained high at 96.4%, only slightly down from 97.3% in 2023. The company also improved rent collection levels to 94% in the first quarter of 2025, up from 92% in the same period of 2024.
John Heller, Chairman & Chief Executive of LAP, noted the resilience of their assets, with the consolidated property portfolio valued at £48.0 million at the end of 2024, an increase from £46.1 million in the previous year.
The full annual report and accounts for 2024 are available on the company’s website. This summary is based on a press release statement issued by London & Associated Properties PLC.
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