LCP breaks £100m turnover barrier
London & Cambridge Properties – owner of the Pensnett Estate and Wolverhampton's Wulfrun shopping centre – has broken the £100 million turnover barrier for the first time in its 30-year history.
The property giant has hailed "another exceptional year" as underlying pre-tax profits surged by more than £6m to £49.1m.
Newly filed figures at Companies House show the year to the end of March as one of the strongest since the company was founded with profits rising both in the UK and from its European business in Poland and Germany.
In the directors' strategic report they wrote: "The continued growth of the group, through investment property acquisitions, has seen the group achieve for the first time turnover in excess of £100 million."
It jumped 16 per cent, from 98.4m in 2016 to £113.8m this year. At the same time it has seen the value of its shopping centres, offices and industrial estates across Europe and the UK rise to £1.27 billion. It spent £47m on buying up new sites during the year.
The directors said: "During the year the group has continued to focus its acquisitions in the retail sector in local convenience shopping, an area where it sees the most opportunity to strengthen its portfolio and enhance values using management skills inherent in the business."
This shift has seen income from shop units grow to half of LCP's UK rental income over the last year.
The company also spent £9.6m improving sites, including 130,000 sq ft of new industrial space at its 2.3 million sq ft flagship Pensnett Industrial Estate in Kingwinford, where LCP has its own headquarters.
It has also invested £100,000 on the Scott Arms shopping parade in Great Barr.
As well as industrial estates in Wednesbury, Oldbury, West Bromwich and Burntwood, it owns the Wulfrun shopping centre in Wolverhampton town centre, the Churchill Centre in Dudley, Brierley Hill’s Moor Centre, Park Place in Walsall and Aldridge Shopping Centre.
Across the UK it has 410 sites extending to 17 million sq ft, with more than 3,600 tenant businesses. It has another 28m sq ft in Germany and Poland. At any one time around 92 per cent of its space is in use.