PRIVACY
Commercial Property

Developer Langtree on working from home and property prospects in an election year

North West stalwart says it had successful year despite profit fall

Langtree continues to work at Sci Tech Daresbury

Developer Langtree says it does not expect stability to return to the property market until after a general election - but says home workers are drifting back to the office.

Chairman Tim Johnston said the company successfully weathered a tough 2023 despite turbulent market conditions.

In its accounts for the year to March 2023, newly published on Companies House, Langtree Property Partners Holdings reported turnover of £4.67m - up from £2.3m in 2022. Pre-tax profits fell sharply, from £5.1m to £107,000, which the company attributed to the accountancy effects of falling property prices rather than to trading issues.

Langtree said it had almost 3m square feet of property under ownership or management with 89%  average occupancy. Net asset value rose modestly, from £16.4m to £16.8m.

Development activity is ongoing at sites across the North West and Midlands, with sites under ownership and management in Yorkshire and the South West.

In his introduction to the financial results, chairman Tim Johnston said: “The last year has understandably been more challenging and yet through the hard work and ability of the Langtree team we have again achieved a very positive year overall.

“I believe that the year ahead also looks to be another challenging period, as I think it is unlikely that much stability will return to the markets as we move towards a general election sometime in 2024. As ever though, I feel that we are well placed to have another positive year with a sound business plan and solid finances.”

In a later statement, Mr Johnston said: “Given the headwinds out there, this is a very strong set of results.