"The economic environment
continues to be challenging.
Against this background, we
are pleased to report on another
period of satisfactory progress
for LAP. The quality of our
portfolio, particularly our
key shopping centres, when
combined with our strategic
management expertise has
protected us from the worst
of the property recession.
We are also pleased that operating profit after financing
charges has shown a major turnaround to a profit of
£0.884 million for the 12 months to 31 December 2011
from a loss of £0.812 million in 2010. We expect this
trend to continue. We have sustained our rental income
at £15.4 million (2010: £15.6 million) on investment
properties we still hold.
As at 31 December 2011, our directly owned portfolio
of shopping centres and other retail properties was
independently valued at £194 million (2010: £195 million).
This followed the sale of Phelps Cottage in Islington
during 2011 for £0.9 million (against a book value of
£0.6 million). Over the years we have always managed
our assets intensively and disposed of them when they
are deemed to have reached maturity.
During 2011, we obtained vacant possession of a unit
formerly let to Boots at Windsor. This has provided a
major opportunity to re-configure the space and
produce an increased overall rent. On a like-for-like
basis, Group rental income during the year grew by
2%, after adjusting for the Boots unit under
development.
... full statement
Michael Heller, Chairman.
John Heller, Chief Executive.
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Interim Management Statement
18 May 2012 10:58
details
2011 results announced today
Final results for the year ending 31 December 2011 are available now both on this website and as a download
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