Chairman and Chief Executive’s Review 2025

I am pleased to present our accounts for the 12 months to 31 December 2025.

“Total net assets of the Group at the year end were £41.1 million (2024: £50.6 million). Total net assets attributable to shareholders were £26.2 million (2024: £28.1 million). The Group loss after tax was 9.4 million (2024: profit £2.8 million), with losses attributable to shareholders of £1.9million (2024: £0.4 million).
Our consolidated property investment portfolio was valued at £38.5 million at 31 December 2025 compared to £39.0million on a like-for-like basis a year earlier. This reflects a valuation decrease (including head leases) of £0.5 million reflecting ongoing market uncertainty.
Rental income for the Group (excluding sold properties and bad debt charges) remained at £3.5 million (2024: £3.5 million). This result reflects the resilience of our assets; even in the current market conditions we have achieved increased rents on many new lettings.
Rental income resilience can also be seen in our occupancy levels, which were 94.5% at year end (2024: 96.4%). Rent collection levels have similarly remained strong, with an improved 97% of Q1 2026 rents received to date compared to 94% at the corresponding time last year.
We continue to monitor and reduce our cost base following the outsourcing of our property management functions our relocation to smaller offices and our delisting from the London Stock Exchange. LAP’s overheads were £0.35 million (17.5%) lower than in 2024.”

John Heller,
Chairman & Chief Executive

27 May 2026

Chairman & Chief Executive's Statement 2024