Profits soar to £28m at Network Space

Network Space, the company known formerly known as Langtree Group, is reporting soaring pre-tax profits to £28m from £19m.

Year-end figures to June 30 also show the company’s net asset value also rose 27.5% to £120m.

Meanwhile, the Newton-le-Willows, Merseyside-based industrial property developer, investor and manager has started on work at three new sites – in Stoke, St Helens and Knowsley – comprising a total of 12 buildings, all except one being delivered speculatively.

In total, the company’s £210m five-year development plan will deliver 2.5 million sq ft of industrial space over five years.

The company said its external borrowings had fallen to £40m.

The results come two years after a rebranding, restructuring and a change of leadership and strategy.

Group managing director Richard Ainscough said: “The last two years have been remarkably successful and reassure us of our chosen strategy.

“It is particularly satisfying that our profits are a consequence of success in all operational areas of development, investment and management.

“A number of development land projects have completed at or ahead of expectation, our investment strategy continues to deliver valuation gains as well as in-year profits and our management activities have ensured our rents have grown in line, if not beyond, the market.

“It is most encouraging that we begin this next year with a strong financial structure, giving us the platform to develop our five-year land bank into much needed small-to-medium sized industrial units that will further strengthen our investment portfolios.

“Furthermore, the income and capital returns from our existing portfolios continue to outperform the market as we refine our stock and continually invest in new management initiatives and the systems to support them.”