+44 (0)207 415 5000
2nd Floor, 12 Little Portland Street, London, W1W 8BJ
FOR IMMEDIATE RELEASE
30 September 2025
LONDON & ASSOCIATED PROPERTIES PLC
HALF YEAR RESULTS TO 30 June 2025
London & Associated Properties PLC (“LAP” or the “Group”) is a main market listed property investment group that specialises in industrial and essential retail property in the UK.
It also holds a substantial stake in the main market listed Bisichi PLC which operates coal mines in South Africa and invests in UK property.
HIGHLIGHTS
“The Group’s property business continues to perform satisfactorily. However, it is evident that, although we have low vacancy levels, prospective tenants are taking longer to commit to new leases…we continue to explore all opportunities to reduce overheads and restore profitability.”
-more-
Contact:
London & Associated Properties PLC Tel: 020 7415 5000
John Heller, Chairman and Chief Executive
Baron Phillips Associates Tel: 07767 444193
Baron Phillips
Half year results for the period ended
30 June 2025
Half year review
Our results for the six months ended 30 June 2025 reflect a continuing very difficult period for UK property. The Group has made a loss after tax of £2.4 million (June 2024: profit of £2.9 million) and a loss after tax attributable to shareholders of £1.3 million (June 2024: profit of £0.1 million). Like for like revenue from property activities dipped marginally to £1.7 million (June 2024: £1.8 million).
Net assets attributable to shareholders decreased from £28.0 million to £26.7 million (equivalent to 31.33p per share as compared to 32.91p per share at December 2024). As usual, we have not undertaken a valuation at the half year.
The Group’s property business continues to perform satisfactorily. However, it is evident that, although we have low vacancy levels, prospective tenants are taking longer to commit to new leases. This trend is especially apparent in our industrial portfolio, where we have been marketing a well-located, recently refurbished unit since February. Despite initial advice suggesting it would be let within a few weeks, it remains unoccupied.
Falling interest rates helped improve the Group’s property earnings. There remains however significant uncertainty over the medium-term direction of interest rates and whilst we have chosen not to hedge any of our borrowings so far this year, we keep this constantly under review.
Across our entire portfolio, voids have risen slightly to 5.6% by rental value (30 June 2024: 4.5%). Almost one third of the current vacancies relate to the above mentioned industrial unit. Whilst we remain open to selling any properties where we think we can reinvest the proceeds into new assets with stronger growth potential, we do not believe that the current market is conducive to achieving good sales prices. We continue to monitor investor demand and in particular any special strategic buyers who may pay a premium.
We continue to explore all opportunities to reduce overheads and restore profitability, including assessing options for our London head office in Q4 2025, from which time we can determine our lease agreement.
As previously reported planning consent for 56 flats and four retail units at our West Ealing development site has been fully implemented. The market for residential development remains particularly challenging due to increased construction costs and the uncertainty arising from the practical implementation of the new Building Safety Act, particularly around tall buildings. We continue to refine the estimated construction pricing with our preferred contractors and to explore the best options for the scheme, including a pre-sale. Our view of the development’s value has not changed since the 2024 year end, but there remain significant risks that may impact our overall financial return from this project including potential further write-downs of our equity position. An impairment provision of £900,000 continues to be held against the cost of the development.
At Dragon Retail Properties Limited (“Dragon”), our joint venture with Bisichi PLC, the famous and long-standing nightclub located in the basement of its Bristol building went into administration during the period. A new agreement has been successfully reached with a replacement tenant although the rents achieved are less than two-thirds of the rent previously passing.
For the first six months of the year, Bisichi PLC, which is 42% owned by LAP, made a profit before interest, tax, depreciation and amortisation (EBITDA) of £0.13 million (June 2024: £7.35 million) and an operating profit before depreciation, fair value adjustments and exchange movements (Adjusted EBITDA) of £0.1 million (June 2024: £6.65 million). Bisichi’s lower earnings, compared to the first six months of 2024, are mainly attributable to lower mining production and higher mining costs at the South African coal mining asset, Black Wattle Colliery. Lower prices for coal sold by Sisonke Coal Processing, Bisichi’s South African coal processing operation, also impacted earnings but were offset by improved coal qualities and yields through the washing plant.
Bisichi intends to pay an interim dividend on 6 February 2025 of 3p (2024: 3p) per share, £133,000 of which will be receivable by LAP.
Further details of Bisichi’s performance and a forward-looking statement can be found in its own half year report available at www.bisichi.com.
The increasing cost pressures, higher than forecast interest rates and longer lead-in times for the re-letting of certain vacant units have determined the Directors’ decision not to declare a dividend for the half year. As a Board we continue to examine every option to return the Group to profitability, and I look forward to updating shareholders on our initiatives in due course.
John Heller
Chairman and Chief Executive
30 September 2025
Consolidated income statement
for the six months ended 30 June 2025
| 6 months | 6 months | Year | |||||||
| ended | ended | ended | |||||||
| 30 June | 30 June | 31 December | |||||||
| 2025 | 2024 | 2024 | |||||||
| (unaudited) | (unaudited) | (audited) | |||||||
| Notes |
£’000 |
£’000 |
£’000 |
||||||
| Group revenue | 1 | 26,138 | 24,754 | 54,917 | |||||
| Operating costs | (28,317) | (20,037) | (49,624) | ||||||
| Operating (loss)/profit | 1 | (2,179) | 4,717 | 5,293 | |||||
| Finance income | 2 | 56 | 115 | 202 | |||||
| Finance expenses | 2 | (1,129) | (1,534) | (2,971) | |||||
| Result before valuation and other movements | (3,252) | 3,298 | 2,524 | ||||||
| Non–cash changes in valuation of assets and liabilities and other movements | |||||||||
| Exchange losses | – | – | (23) | ||||||
| Increase in value of investment properties | – | – | 1,800 | ||||||
| Gain on investments held at fair value (Bisichi) | 241 | 920 | 68 | ||||||
| Gain on disposal of subsidiary | – | – | 50 | ||||||
| (Loss)/profit for the period before taxation | 1 | (3,011) | 4,218 | 4,419 | |||||
| Income tax credit/(charge) | 3 | 569 | (1,302) | (1,615) | |||||
| (Loss)/profit for the period | (2,442) | 2,916 | 2,804 | ||||||
| Attributable to: | |||||||||
| Equity holders of the Company | (1,280) | 55 | (373) | ||||||
| Non–controlling interest | (1,162) | 2,861 | 3,177 | ||||||
| (Loss)/profit for the period | (2,442) | 2,916 | 2,804 | ||||||
| (Loss)/profit per share – basic and diluted | 4 | (1.50)p | 0.06p | (0.44)p | |||||
Consolidated statement of comprehensive income
for the six months ended 30 June 2025
| 30 June | 30 June | 31 December | |
| 2025 | 2024 | 2024 | |
| (unaudited) | (unaudited) | (audited) | |
| £’000 | £’000 | £’000 | |
| (Loss)/profit for the period | (2,442) | 2,916 | 2,804 |
| Other comprehensive income: | |||
| Items that may be subsequently recycled to the income statement: | |||
| Exchange differences on translation of foreign operations | (278) | 175 | (122) |
| Total comprehensive (expense)/income for the period, net of tax | (2,720) | 3,091 | 2,682 |
| Attributable to: | |||
| Equity shareholders | (1,352) | 97 | (405) |
| Non–controlling interest | (1,368) | 2,994 | 3,087 |
| (2,720) | 3,091 | 2,682 |
Consolidated balance sheet
at 30 June 2025
| 30 June | 30 June | 31 December | ||
| 2025 | 2024 | 2024 | ||
| (unaudited) | (unaudited) | (audited) | ||
| Notes | £’000 | £’000 | £’000 | |
| Non–current assets | ||||
| Market value of properties attributable to Group | 37,405 | 35,643 | 37,405 | |
| Present value of head leases | 1,586 | 1,551 | 1,586 | |
| Property | 5 | 38,991 | 37,194 | 38,991 |
| Mining reserves, property, plant and equipment | 21,648 | 22,796 | 23,603 | |
| Other investments at fair value through profit and loss (“FVPL”) (Bisichi) | 13,245 | 15,181 | 14,339 | |
| 73,884 | 75,171 | 76,933 | ||
| Current assets | ||||
| Inventories – Property | 5 | 8,996 | 9,465 | 8,996 |
| Inventories – Mining | 3,673 | 3,433 | 3,377 | |
| Trade and other receivables | 5,704 | 10,058 | 7,202 | |
| Investments in listed securities held at FVPL (Bisichi) | 459 | 768 | 628 | |
| Cash and cash equivalents | 2,913 | 4,281 | 2,926 | |
| 21,745 | 28,005 | 23,129 | ||
| Total assets | 95,629 | 103,176 | 100,062 | |
| Current liabilities | ||||
| Trade and other payables | (17,457) | (18,067) | (15,748) | |
| Borrowings | (7,220) | (11,815) | (7,163) | |
| Lease liabilities | (377) | (197) | (439) | |
| Current tax liabilities | (2,372) | (4,750) | (3,801) | |
| (27,426) | (34,829) | (27,151) | ||
| Non–current liabilities | ||||
| Borrowings | (17,162) | (13,334) | (17,929) | |
| Lease liabilities | (1,907) | (1,543) | (2,134) | |
| Provisions | (1,541) | (1,635) | (1,590) | |
| Deferred tax liabilities | (3) | (680) | (699) | |
| (20,613) | (17,192) | (22,352) | ||
| Total liabilities | (48,039) | (52,021) | (49,503) | |
| Net assets | 47,590 | 51,155 | 50,559 | |
| Equity attributable to the owners of the parent | ||||
| Share capital | 8,554 | 8,554 | 8,554 | |
| Share premium account | 4,866 | 4,866 | 4,866 | |
| Translation reserve (Bisichi PLC) | (1,364) | (1,216) | (1,290) | |
| Capital redemption reserve | 47 | 47 | 47 | |
| Retained earnings (excluding treasury shares) | 14,772 | 16,480 | 16,052 | |
| Treasury shares | (144) | (144) | (144) | |
| Retained earnings | 14,628 | 16,336 | 15,908 | |
| Total equity attributable to equity shareholders | 26,731 | 28,587 | 28,085 | |
| Non – controlling interest | 20,859 | 22,568 | 22,474 | |
| Total equity | 47,590 | 51,155 | 50,559 | |
| Net assets per share attributable to equity shareholders | 6 | 31.33p | 33.50p | 32.91p |
Consolidated statement of changes in shareholders’ equity
for the six months ended 30 June 2025
| Share
capital £’000 |
Share
premium £’000 |
Translation reserves £’000 |
Capital
redemption reserve £’000 |
Treasury
shares £’000 |
Retained
earnings excluding treasury shares £’000 |
Total
excluding Non– Controlling Interests £’000 |
Non–controlling Interests £’000 |
Total
equity £’000 |
|
| Balance at 1 January 2024 | 8,554 | 4,866 | (1,258) | 47 | (144) | 16,425 | 28,490 | 19,823 | 48,313 |
| Profit for the period | – | – | – | – | – | 55 | 55 | 2,861 | 2,916 |
| Other comprehensive income: | |||||||||
| Currency translation | – | – | 42 | – | – | – | 42 | 133 | 175 |
| Total comprehensive income | – | – | 42 | – | – | 55 | 97 | 2,994 | 3,091 |
| Transactions with owners: | |||||||||
| Dividends – non-controlling interests | – | – | – | – | – | – | – | (249) | (249) |
| Balance at 30 June 2024 (unaudited) | 8,554 | 4,866 | (1,216) | 47 | (144) | 16,480 | 28,587 | 22,568 | 51,155 |
|
|
|||||||||
| Balance at 1 January 2024 |
8,554 |
4,866 |
(1,258) |
47 |
(144) |
16,425 |
28,490 |
19,823 |
48,313 |
| (Loss)/profit for the year | (373) | (373) | 3,177 | 2,804 | |||||
| Other comprehensive expense: | |||||||||
| Currency translation | – | – | (32) | – | – | – | (32) | (90) | (122) |
| Total comprehensive expense | – | – | (32) | – | – | – | (32) | (90) | (122) |
| Transaction with owners: | |||||||||
| Dividends – non–controlling
Interests |
– | – | – | – | – | – | – | (436) | (436) |
| Balance at 31 December 2024
(audited) |
8,554 | 4,866 | (1,290) | 47 | (144) | 16,052 | 28,085 | 22,474 | 50,559 |
Consolidated statement of changes in shareholders’ equity – continued
for the six months ended 30 June 2025
| Share
capital £’000 |
Share
premium £’000 |
Translation reserves £’000 |
Capital
redemption reserve £’000 |
Treasury
shares £’000 |
Retained
earnings excluding treasury shares £’000 |
Total
excluding Non– Controlling Interests £’000 |
Non–controlling Interests £’000 |
Total
equity £’000 |
|
| Balance at 1 January 2025 | 8,554 | 4,866 | (1,290) | 47 | (144) | 16,052 | 28,085 | 22,474 | 50,559 |
| Loss for the period | – | – | – | – | – | (1,280) | (1,280) | (1,162) | (2,442) |
| Other comprehensive expense: | |||||||||
| Currency translation | – | – | (74) | – | – | – | (74) | (204) | (278) |
| Total comprehensive expense | – | – | (74) | – | – | (1,280) | (1,354) | (1,366) | (2,720) |
| Transactions with owners: | |||||||||
| Dividends – non-controlling interests | – | – | – | – | – | – | – | (249) | (249) |
| Transactions with owners | – | – | – | – | – | – | – | (249) | (249) |
| Balance at 30 June 2025 (unaudited) | 8,554 | 4,866 | (1,364) | 47 | (144) | 14,772 | 26,731 | 20,859 | 47,590 |
Consolidated cash flow statement
for the six months ended 30 June 2025
| 6 months | 6 months | Year | |
| ended | ended | ended | |
| 30 June | 30 June | 31 December | |
| 2025 | 2024 | 2024 | |
| (unaudited) | (unaudited) | (audited) | |
| £’000 | £’000 | £’000 | |
| Operating activities | |||
| (Loss)/profit for the period before taxation | (3,011) | 4,218 | 4,419 |
| Finance income | (56) | (115) | (202) |
| Finance expense | 1,129 | 1,534 | 2,971 |
| Increase in value of investment properties | – | – | (1,800) |
| Gain on investments held at FVPL (Bisichi) | – | – | (68) |
| Loss on disposal of subsidiary | – | – | (50) |
| Expenditure on trading property | – | (318) | – |
| Depreciation | 1,974 | 1,761 | 4,311 |
| Impairment of inventory – property | – | – | 900 |
| Development expenditure on inventories – property | – | – | (1,007) |
| Exchange adjustments | 52 | (27) | 23 |
| Gain on investment held for trading | (241) | (920) | – |
| Change in inventories | (414) | (795) | (843) |
| Change in receivables | 3,451 | (416) | (70) |
| Change in payables | (68) | 1,178 | 1,769 |
| Cash inflows generated from operations | 2,816 | 6,100 | 10,353 |
| Income tax paid | (1,431) | (721) | (1,789) |
| Cash inflows from operating activities | 1,385 | 5,379 | 8,564 |
| Investing activities | |||
| Acquisition of investment properties, mining reserves, plant and equipment | (808) | (5,178) | (8,132) |
| Disposal of other investments | 1,504 | – | 5,372 |
| Acquisition of other investments | – | (37) | (5,279) |
| Interest received | 56 | 115 | 202 |
| Cash inflows/(outflows) from investing activities | 752 | (5,100) | (7,837) |
| Financing activities | |||
| Interest paid | (1,064) | (1,474) | (2,804) |
| Interest on obligation under finance leases | (87) | (64) | (178) |
| Repayment of lease liability | (128) | (134) | (234) |
| Receipt of bank loan – Bisichi PLC | 1 | 21 | 3,845 |
| Repayment of bank loan – Bisichi PLC | (218) | (64) | (3,995) |
| Repayment of bank loan – Dragon Retail Properties Ltd | (10) | (155) | (215) |
| Receipt of bank loan – London & Associated Properties PLC | 247 | – | 496 |
| Repayment of bank loan – London & Associated Properties PLC | (4) | (4) | (7) |
| Equity dividends paid – Bisichi PLC | – | – | (436) |
| Cash outflows from financing activities | (1,263) | (1,874) | (3,528) |
Consolidated cash flow statement – continued
for the six months ended 30 June 2025
| 6 months | 6 months | Year | |||
| ended | ended | ended | |||
| 30 June | 30 June | 31 December | |||
| 2025 | 2024 | 2024 | |||
| (unaudited) | (unaudited) | (audited) | |||
| £’000 | £’000 | £’000 | |||
| Net increase / (decrease) in cash and cash equivalents | 874 | (1,595) | (2,801) | ||
| Cash and cash equivalents at beginning of period | 668 | 3,444 | 3,444 | ||
| Exchange adjustment | 5 | (5) | 25 | ||
| Cash and cash equivalents at end of period | 1,547 | 1,844 | 668 | ||
The cash flows above relate to continuing and discontinued operations.
Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise the following balance sheet amounts:
| Cash and cash equivalents (before bank overdrafts) | 2,913 | 4,281 | 2,926 |
| Bank overdrafts | (1,366) | (2,437) | (2,258) |
| Cash and cash equivalents at end of period | 1,547 | 1,844 | 668 |
Notes to the half year report
for the six months ended 30 June 2025
| 1. Segmental analysis | 6 months | 6 months | Year |
| ended | ended | ended | |
| 30 June | 30 June | 31 December | |
| 2025 | 2024 | 2024 | |
| (unaudited) | (unaudited) | (audited) | |
| £’000 | £’000 | £’000 | |
| Revenue | |||
| LAP | |||
| – – Rental income | 1,119 | 1,131 | 2,303 |
| – – Service charge income | 114 | 70 | 149 |
| – – Management income from third parties | 13 | 9 | 34 |
| Bisichi | |||
| – – Rental income | 515 | 523 | 1,039 |
| – – Service charge income | – | – | 191 |
| – – Mining | 24,320 | 22,940 | 51,023 |
| – Dragon | |||
| – – Rental income | 57 | 81 | 168 |
| – – Service charge income | – | – | 10 |
| 26,138 | 24,754 | 54,917 | |
| Operating (loss)/profit | |||
| LAP | (498) | (482) | (1,781) |
| Bisichi | (1,713) | 5,134 | 6,970 |
| Dragon | 32 | 65 | 104 |
| (2,179) | 4,717 | 5,293 | |
| (Loss)/profit before taxation | |||
| LAP | (1,163) | (1,151) | (1,551) |
| Bisichi | (1,851) | 5,342 | 5,811 |
| Dragon | 3 | 27 | 159 |
| (3,011) | 4,218 | 4,419 | |
| 2. Finance costs | 6 months | 6 months | Year |
| ended | ended | ended | |
| 30 June | 30 June | 31 December | |
| 2025 | 2024 | 2024 | |
| (unaudited) | (unaudited) | (audited) | |
| £’000 | £’000 | £’000 | |
| Finance income | 56 | 115 | 202 |
| Finance expenses: | |||
| Interest on bank loans and overdrafts | (1,009) | (1,430) | (2,019) |
| Unwinding of discount (Bisichi) | – | – | (20) |
| Other loans | (32) | (32) | (769) |
| Interest on obligations under finance leases | (88) | (72) | (163) |
| Total finance expenses | (1,129) | (1,534) | (2,971) |
| Net finance expense | (1,073) | (1,419) | (2,769) |
Notes to the half year report – continued
| 3. Income tax | 6 months | 6 months | Year |
| ended | ended | ended | |
| 30 June | 30 June | 31 December | |
| 2025 | 2024 | 2024 | |
| (unaudited) | (unaudited) | (audited) | |
| £’000 | £’000 | £’000 | |
| Current tax | 67 | 228 | 462 |
| Deferred tax | (636) | 1,074 | 1,153 |
| (569) | 1,302 | 1,615 |
|
4. Earnings per share |
6 months | 6 months | Year |
| ended | ended | ended | |
| 30 June | 30 June | 31 December | |
| 2025 | 2024 | 2024 | |
| (unaudited) | (unaudited) | (audited) | |
| (Loss)/profit attributable to equity shareholders after tax (£’000) | (1,280) | 55 | (373) |
| Weighted average number of shares in issue for the period (‘000) | 85,326 | 85,326 | 85,326 |
| Basic earnings per share | (1.50)p | 0.06p | (0.44)p |
| Diluted number of shares in issue (‘000) | 85,326 | 85,326 | 85,326 |
| Diluted earnings per share | (1.50)p | 0.06p | (0.44)p |
Investment properties are held at fair value at each reporting period.
During the period no properties were acquired or sold.
The West Ealing development property is held as inventory at a value of £8,996,000 being its net realisable value based on the latest cash flow appraisal. An impairment provision of £1,152,000 has been made against the cost of the development at 30 June 2025 (June 2024: £nil).
Other than as discussed above the Directors have placed a valuation on the properties which is not materially different to the value as at 31 December 2024. Investment properties are therefore included at a directors’ valuation which is the fair value at 30 June 2025. Please refer to page 52 of the 2024 Annual Report and Accounts for details on the valuation of investment and inventory properties as at 31 December 2024.
| 6. Net assets per share | 30 June | 30 June | 31 December |
| 2025 | 2024 | 2024 | |
| (unaudited) | (unaudited) | (audited) | |
| Shares in issue (‘000) | 85,326 | 85,326 | 85,326 |
| Net assets attributable to equity shareholders (£’000) | 26,731 | 28,587 | 28,085 |
| Basic net assets per share | 31.33p | 33.50p | 32.91p |
| Shares in issue diluted by outstanding share options (‘000) | 85,326 | 85,326 | 85,326 |
| Net assets after issue of share options (£’000) | 26,731 | 28,587 | 28,085 |
| Fully diluted net assets per share | 31.33p | 33.50p | 32.91p |
Notes to the half year report – continued
The related parties and the nature of costs recharged are as disclosed in the group’s annual financial statements for the year ended 31 December 2024.
There is no interim dividend payable for the period (30 June 2024: Nil).
There is no final dividend payable in respect of 2024.
The group’s principal risks and uncertainties are reported on pages 9 and 10 in the 2024 Annual Report. They have been reviewed by the Directors and remain unchanged for the current period.
The largest area of estimation and uncertainty in the interim financial statements is in respect of the valuation of investment properties (which are not revalued at the half year).
For Bisichi PLC, the largest area of estimation relates to currency movements and coal mining activities in South Africa, including depreciation, impairment and the provision for rehabilitation (relating to environmental rehabilitation of mining areas).
Property, plant and equipment representing Bisichi’s mining assets in South Africa are reviewed for impairment where there is evidence of a material impairment. The impairment test indicated significant headroom as at 31 December 2024 and no impairment was considered appropriate.
Other areas of estimation and uncertainly are referred to in the Group’s annual financial statements. There have been no significant changes to the basis of accounting for key estimates and judgements as disclosed in the annual report as at 31 December 2024.
Black Wattle Colliery (Pty) Ltd continues to be involved in a tax dispute in South Africa related to VAT. The dispute arose during the year ended 31 December 2020 and is related to events which occurred prior to the year ended 31 December 2020. The interpretation of laws and regulations in South Africa where the Group operates can be complex and can lead to challenges from or disputes with regulatory authorities. Such situations often take significant time to resolve. Where there is a dispute and where a reliable estimate of the potential liability cannot be made, or where the Group, based on legal advice, considers that it is improbable that there will be an outflow of economic resources, no provision is recognised. Further details of the contingent tax liability can be found on page 108 of Bisichi’s 2024 Annual report and Accounts.
The above financial information does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The figures for the year ended 31 December 2024 are based upon the latest statutory accounts, which have been delivered to the Registrar of Companies; the report of the auditor on those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement made under S498(2) or S498(3) of the Companies Act 2006.
As required by the Disclosure and Transparency Rules of the UK’s Financial Conduct Authority, the interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and in accordance with both IAS 34 ‘Interim Financial Reporting’ and in conformity with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS and the disclosure requirements of the Listing Rules.
The half year results have not been audited or subject to review by the company’s auditor.
The annual financial statements of London & Associated Properties PLC are prepared in accordance with IFRS and in conformity with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS. The company has applied UK-adopted IAS and at the date of application, both UK-adopted IAS and EU-adopted IFRS are the same. The same accounting policies are used for the six months ended 30 June 2025 as were used for the year ended 31 December 2024.
As stated in the 2024 Annual Report in the group accounting policies, Bisichi PLC and Dragon Retail Properties Limited are consolidated with LAP, as required by IFRS 10.
The assessment of new standards, amendments and interpretations issued but not effective, is that these are not anticipated to have a material impact on the financial statements.
The interim financial statements have been prepared on a going concern basis.
The half year results were approved by the Board of London & Associated Properties PLC on 30 September 2025.
Directors’ responsibility statement
The Directors confirm that to the best of their knowledge:
(a) the condensed consolidated interim financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34, Interim Financial Reporting.
(b) the interim management report includes a fair review of the information required by:
(1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
(2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.
This report contains forward-looking statements. These statements are based on current estimates and projections of management and currently available information. Future statements are not guarantees of the future developments and results outlined therein. Rather, future developments and results are dependent on a number of factors; they involve various risks and uncertainties and are based upon assumptions that may not prove to be accurate. Risks and uncertainties identified by the Group are set out on pages 9 and 10 of the 2024 Annual Report & Accounts. We do not assume any obligation to update the forward-looking statements contained in this report.
Signed on behalf of the Board on 30 September 2025
John Heller Jonathan Mintz
Director Director
|
Directors and advisors |
| Directors |
| Executive directors |
| John A Heller LLB MBA (Chief Executive and Chairman) |
| Jonathan Mintz FCA (Finance Director) |
| Non-executive directors |
| #† Clive A Parritt FCA CF FIIA |
| † Robin Priest MA
Andrew R Heller MA, ACA |
| # Senior independent director |
| † Member of the audit, remuneration and nomination committees |
| Secretary & registered office |
| Jonathan Mintz FCA |
| 12 Little Portland Street |
| London W1W 8BJ |
| Registrars & transfer office |
| MUFG Corporate Markets |
| Central Square
29 Wellington Street Leeds LS1 4DL |
| UK Telephone: 0371 664 0300
International Telephone: +44 371 664 0300 (Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate)
Lines are open between 8.00am and 5.30pm, Monday to Friday, excluding public holidays in England and Wales.
|
| Company registration number |
| 00341829 (England and Wales) |
| Website |
| www.lap.co.uk |
| admin@lap.co.uk |