London & Associated Properties Plc - Trading Update
PR Newswire
London, June 1
FOR IMMEDIATE RELEASE
6 JUNE 2022
This announcement contains information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018
London & Associated Properties PLC
("LAP" or the "Company")
TRADING UPDATE
Further to the Company's 2021 financial results published on 28 April 2022 (the "Full Year Results"), the Company is pleased to provide the following update on current trading.
When reporting on the results of our fully consolidated (but 41.52% owned) subsidiary Bisichi PLC in the Full Year Results, it was stated that coal market conditions had improved in 2022 and that in the first quarter of 2022, weekly API4 coal prices averaged US$238 per metric tonne and the export coal sales from the Company's South African operations were in line with the average export tonnages achieved in 2021. Bisichi now confirms that coal market conditions have continued to remain strong since the date of the Full Year Results announcement. Accordingly, Bisichi PLC expects to report results for the six months ended 30 June 2022 substantially ahead of those reported for the 12 months ended 31 December 2021.
While LAP consolidates the full results of Bisichi PLC within its financial statements, the Board of LAP has no direct influence over the management of Bisichi PLC. As LAP owns only 41.52% of Bisichi PLC, it is that proportion of Bisichi PLC's results which will be attributable to LAP shareholders.
Ends.
For further information, please contact:
John Heller/Jonathan Mintz
London & Associated Properties PLC
020 7415 5000
