London & Associated Properties PLC - London-based investor in UK industrial and retail properties - Reports pretax profit of £4.2 million for the first half of 2024, against prior year’s £2.5 million loss. Net asset value per share rises 0.4% to 33.50 pence at June 30 from 33.38p at December 31. Group revenue decreases 13% annually to £24.8 million from £28.3 million. However company reports £920,000 gain on fair value of investment in Bisichi PLC, against a £553,000 loss. Operating costs decrease 30% to £20.0 million from £28.7 million.

LAP has a 42% stake in Bisichi, which also releases interim results on Friday, saying it plans to pay an unchanged 3p per share dividend. LAP declares no interim dividend, unchanged on-year. Looking ahead, says its options have previously been ‘limited by interest rates and inflation’ but the ‘recent and forecast easing of these pressures, combined with the ongoing drive to reduce overheads and Bisichi’s forward looking performance outlook’ leave an opening to deliver improved shareholder returns.

Current stock price: 13.75p, up 31% on Friday afternoon in London

12-month change: up 28%

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