| Item | 2016 result (£m) | 2015 result (£m) |
|---|---|---|
| Pretax profit | 82.7 | 160.3 |
| Valuation surplus | 51.5 | 112.4 |
| Rental income | 67.9 | 60.2 |
LondonMetric is positioning its portfolio in an effort to profit from the rise of online shopping.
It posted pretax profit of £82.7m for the year ended 31 March, almost half of the £160.3m reported a year earlier. Its valuation surplus also fell to £51.5m, from £112.4m a year earlier.
There was a rise in rental income to £67.9m, from £60.2m, which was driven by a large increase in rental income from distribution space.
Chief executive Andrew Jones said: “Distribution is the best-performing retail sub-sector, driven by rapidly changing consumer shopping patterns and the need for retailers to continually invest in their distribution capabilities to remain competitive.
“Since merger, we have increased our distribution exposure from 20% to 54% of the portfolio by value, and this is set to grow further.”
The company also announced that Andrew Livingston has joined the board as an independent non-executive director with effect from 31 May. Livingston will also be a member of the audit committee.
Charles Cayzer, the senior independent director, will retire from the board on 30 September 2016. Philip Watson will replace Cayzer as senior independent director and Rosalyn Wilton and James Dean will be appointed to the remuneration and nomination committees respectively.
Patrick Vaughan will be appointed as chairman of the nomination committee. All of these appointments will take place after the annual general meeting on 14 July.
• To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @AmberRoltEG or @estatesgazette
