"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
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."
... full statement
Michael Heller, Chairman.
John Heller, Chief Executive.
Interim Management Statement
17 May 2013 13:50
Final results for the year ending 31 December 2012 are available now to download
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