Cadogan reported a 22.2% increase in operating profits for the 2023 financial year thanks to strong income growth.
Total income grew by 15.8% to £216.0m in 2023 compared with £186.5m in 2022. The value of Cadogan’s property portfolio also increased 3% from £5.1bn in 2022 to £5.4bn last year.
The company deployed £231m into acquisitions and developments in 2023 compared with £89m in 2022 as part of its strategy to ensure Chelsea “retains its resilience and enduring appeal”. Cadogan said footfall across its estate “proved strong” with retailers reporting revenues 10% higher than in 2019.
Hugh Seaborn, chief executive of Cadogan, said: “It has been a very good year for Cadogan, and I am delighted that 2023 has resulted in strong performance across all three pillars of the business spanning financial performance, progress with our ambitious sustainability strategy and delivering community support. The excellent financial results, including a 22% increase in operating profit, have allowed us to reinforce our clear purpose beyond profit.
“This is driven by enlightened self-interest – if we are to prosper over the long-term, we need to ensure Chelsea remains vital and healthy as a place to live, visit and do business. Therefore, our strategy places the community at its heart and is central to our investment decisions and estate management initiatives.
“Despite the economic headwinds of the past year, our focus on holistic estate management is contributing to the resilience and evolution of the neighbourhood, ensuring it remains an exciting and compelling part of this great city.”
