‘Exceptional year’ for property group
WEST MIDLANDS property group London & Cambridge Properties (LCP) has hailed “an exceptional year” in which it continued to invest in UK property.
Its pre-tax profits rose by £9.5m to £70.1m in the year to March, building on a £5.3m increase in turnover to £98.4m. The revenue growth was almost all acheived by an increase in rental income, with occupancy staying stable at 92%.
The value of its portfolio also rose strongly, up 15% to £1.16bn.
Nick Burgess, managing director of LCP, 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.”
The company employs 90 people at its Kingswinsford headquarters with another 60 in London, Dusseldorf and Warsaw.
The 12-month period saw the company focus its acquisitions on neighbourhood shopping parades in the UK, acquiring properties worth £76.1m.
Mr Burgess added: “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.”
In the accounts, which were signed off recently, the company said the impact of the EU referendum result “will be assessed once economic data becomes available in the next six months”.
LCP paid dividends of £10m during the 2016 financial year, with a further £5.75m paid since the year end.
