Warrington-based commercial property company Langtree posted “a very strong set of results” for the financial year 2022-23, despite the ongoing political and economic turbulence.
Langtree reported a 73% increase in profit pre-valuation to £1.3m, an increase in estimated rental value of £2m for assets owned or under ownership and a modest increase in net asset value to £16.8m (2021-22: £16.4m).
Tim Johnston, chairman of Langtree, said: “Given the headwinds out there, this is a very strong set of results. If you take valuations, for example, the industry has seen a general reported downturn of 15%, but Langtree has experienced only a modest 3% decrease in values overall. That’s testament to the quality of our portfolio and partnerships, as well as past sound judgement.”
Group chief executive John Downes added: “It’s been a busy and challenging year, but one we anticipated. There are many things that contribute to allowing a business like ours to continue forward, chief among them being the quality of our team, and the commitment of our partners and clients. My thanks go to all for their dedication and support.”
