Welcome to London & Associated Properties

"In 2012, LAP has made a profit before tax under IFRS of £7.6 million compared to a loss of £18.6 million in 2011. The principal reason for this improvement is the increase in the value of our Shopping Centre portfolio following the valuation as at 31 December 2012. This is a particularly pleasing result given the pressure that most asset classes are experiencing in the current market, and reflects the successful performance of our larger assets.

2012 was arguably the most difficult year for retailers and retail focused property companies in living memory. A combination of an extremely challenging economy together with ongoing structural change to shopping habits have led to a large number of retailer insolvencies and, consequently, a surfeit of vacant shops in Shopping Centres and High Streets around the country. We have successfully minimised the impact of those changes on our portfolio, reacting swiftly to dispose of a number of mature assets which would have been adversely affected by this shift. As a result we now own a limited number of core shopping centre and other retail assets, all of which we believe will continue to trade successfully in their respective locations.

Faced with these challenging conditions, your Board is happy to report that our group rental income for the year was £15.8 million compared to £ 16.0 million in 2011, a small reduction primarily due to a temporary loss of income at Windsor while the former Boots space was being converted into three separate units. At 31 December 2012 the total value of our directly owned portfolio of shopping centres and other retail properties was £205 million compared to £194 million in 2011."

Michael Heller, Chairman.
John Heller, Chief Executive.

2012 results

warning to shareholders

notice