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Highlights
- Real Estate Expansion: Roadside continues to build a high-quality portfolio through a JV with Meadow Partners, acquiring multiple properties.
- Profit from Discontinued Operations: A profit of £49.4 million from discontinued operations, reflecting positive financial results.
- Post-Year End Acquisitions: Roadside's JV has agreed to acquire 12 Lidl stores and Brampton Hut services, boosting its portfolio further.
Roadside (LSE:ROAD) has announced its audited results for the year ending 30 September 2024, highlighting significant progress in its strategy to focus on roadside retail through its joint venture (JV) with Meadow Partners LLP.
Financial Performance
For the year, Roadside reported revenue from continuing operations of £0.4 million, a modest increase of £0.3 million compared to the previous year. However, the company recorded an operating loss from continuing operations of £1.9 million, an improvement of £3.4 million compared to the prior year. This reflects the ongoing shift towards focusing on high-quality roadside retail investments.
The Group’s discontinued operations reported a profit of £49.4 million, a decrease of £51.8 million from the previous period, while the overall profit after tax stood at £43.2 million, a decrease of £53.4 million from the prior year. The profit from discontinued operations primarily stems from divestitures and asset sales in the past year.
Operational Highlights
Real Estate Portfolio
Roadside has made notable strides in expanding its roadside real estate portfolio. Key acquisitions include:
- Wellingborough: Valued at £3.9 million with a total contracted rent of £237,000 per annum, with tenants like Greggs, Formula One Autocentres, and City Plumbing Supplies.
- Maldon: Valued at £4.9 million with a contracted rent of £280,000 per annum, with tenants such as Costa Coffee and Formula One Autocentres.
During the year, Roadside, through its JV with Meadow Partners, acquired three new sites in Stoke, Gosport, and Coventry. Roadside contributed 3% of the acquisition cost for each site and will earn ongoing asset management fees and a share of rental income from these sites.
Post-year end, the JV secured agreements to acquire 12 Lidl stores across the UK for £70 million and Brampton Hut services in Cambridgeshire for £4.8 million, marking a significant expansion of its retail property portfolio.
Cash and Liquidity
As of 30 September 2024, Roadside had £0.1 million in cash, reflecting the Group's ongoing investments in its JV and real estate portfolio.
Outlook
Looking ahead, Roadside remains committed to its strategy of expanding its roadside real estate holdings and generating long-term value through strategic acquisitions and asset management.
