LCP posts ‘exceptional’ results24/11/2016
London & Cambridge Properties (LCP), one of the UK's largest private owners of retail, industrial and office property to let, has posted an “exceptional year” of results, with an increase in turnover, pre-tax profits and investments.
The company’s annual strategic report for the financial year ending March 31, 2016, reveals that the group’s turnover was £98.430 million – up from £93.147 million the previous year – with pre-tax profits of £70.1 million, up £9.484 million from 2014/2015.
Investments across the group’s UK portfolio have also risen by more than £107 million over the past 12 months, with stock valued at £979.841 million. In continental Europe, its investment portfolio was valued at £183.281 million by March 31, 2016 – an increase of £45.338 million.
The strategic report also reveals that the revaluation of the group’s investment properties at March 31, 2016 resulted in a revaluation uplift of £31.2 million – an improvement of 3.1%.
James Buchanan, LCP’s investment director, said the 12-month period saw the company focus its acquisitions on neighbourhood shopping parades in the UK, acquiring properties to the value of £76.1 million. This included the £36.65 million Navigation portfolio of 19 sites that stretch from North Lanarkshire to West Sussex.
Nick Burgess, managing director of LCP, whose headquarters is based in Kingswinford, West Midlands, said: “This has been another exceptional year for LCP as we have continued our bold strategic plans to acquire properties that provide us with the maximum opportunities for investment and added value.
“We remain committed to investing further in both retail and industrial portfolios across the UK and are in a strong position to do so. Our strategy is to improve returns and achieve asset growth through intensive management and development of our properties.
“Across the UK, our occupancy levels remained constant at 93%, although there was a 1.3% improvement in retail occupancy levels, which again reflects the success of our management approach to our portfolio.”
He added that any impact on the company from the result of the EU referendum will be assessed once economic data becomes available in the next six months.