The London Tunnels' (TLT's) FY25 results mark a clear inflection point for the company as it has transitioned from a development-stage vehicle to an asset-backed infrastructure business, underpinned by an independently valued long-dated property asset, a strengthened equity base and the establishment of institutional-grade governance. Key developments during the year were receiving planning permission from both the City of London Corporation and the London Borough of Camden. Following period-end, the company delisted from Euronext Amsterdam. This was driven by a technical market-structure issue, primarily the application of UK Stamp Duty Reserve Tax (SDRT), which created settlement inefficiencies and limited investor access. The delisting was not reflective of the project's fundamentals. The company is pre-revenue and requires additional capital, estimated by management at £80m, to complete the project. The final stages are now scheduled for completion in FY28, with full operations expected to commence in FY28, versus FY27 previously. The modest timetable adjustment is consistent with large-scale infrastructure developments.Den vollständigen Artikel lesen ...
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