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LANGTREE SEES PROFITS DOUBLE AS OCCUPANCY AND RENTS BOTH RISE
NAV and portfolio value also rise strongly
Warrington-based commercial property company Langtree says that occupancy and rents have both risen in the last financial year.
In its results for the year 2021/22, company Chairman Tim Johnston also highlights a 130 per cent increase in profit before tax to £5.3m and a 45 per cent increase in net asset value to £16.4m, but says the firm needs to be ‘ever vigilant,’ given current economic headwinds.
Other key metrics for the company, which specialises in joint ventures and partnerships with local authorities as well as providing asset management services to institutional landlords include:
- more than 3m square feet of property under ownership or management
- more than 600 tenants
- 92 per cent occupancy
- annual rent roll of £23m
- value of estate under management of £530m
- sites across the north west, Yorkshire, the midlands, and the south west.
- Gross development value of the assets under its control exceeds £1bn.
“This is a very strong set of results delivered by an exceptional team in every part of the business,” said chairman Tim Johnston.
“Langtree is a solid commercial business which is an ideal platform allowing us to undertake and deliver complex regeneration projects that are both value-creating and which support our local authority partners’ social and economic ambitions,” said Mr Johnston.