Howard de Walden sees headline profit of £199.8m in FY22

Property management company, Howard de Walden, has seen its pre-tax profit hit £199.8m in FY22, which is “significantly higher” than the previous financial year’s loss of £101.8m. The group attributed the rise to the increase in value of investment properties. It is reported that the company’s additions to its retail, office and healthcare portfolios were also the key drivers behind the valuation increase, but were partly offset by a small decrease in the residential portfolio. During the year, the group’s rental income increased by 2.7% to £135.4m. While the rental income uplift was due to a recovery in income from Howard de Walden’s retail and residential sectors, this was still the most severely impacted by the pandemic. After a decrease of 29.0% in the previous year, retail income increased by 19.1% as an immediate recovery was seen as lockdown restrictions were lifted. Residential income also saw a good recovery increasing by 0.7%, as demand for homes increased as people returned to cities for work and study. Howard de Walden’s healthcare income continued to grow, as demand for space remained high throughout the year resulting in an increase of 7.9% against the prior year. Healthcare income now reportedly represents over 40% of the group’s total income. During the financial year, the value of the investment properties, which encompass the renowned shopping destination of Marylebone Village and the medical hub of the Harley Street medical area, was up 2% on an overall basis to £4.6bn, but 1% when capital additions and disposals were excluded. In addition to the company’s results, Howard de Walden appointed David McArthur, as head of investment, Andrea Merrington, as planning and engagement director, and Craig Clements, as director of operations, to The Howard de Walden estate executive committee to deliver growth, while also preserving the estate’s heritage. William Proby, chairman of Howard de Walden, said: “I am pleased to report that in 2021/22 our rent roll recovered well from the worst point of the pandemic. Footfall in Marylebone, a retail and healthcare destination with a large resident population, has improved quicker than other parts of central London. “Although in many ways the country has made a good recovery from the pandemic, with life getting back to something resembling normal, it has become apparent that there will be some long-lasting if not permanent consequences. In addition, we are facing the bleak economic prospect of high levels of inflation, rising interest rates and poor growth.” He added: “We are also well positioned to weather a recession and to take advantage of growth opportunities when the macroeconomic climate allows.” Mark Kildea, chief executive of Howard de Walden, said: “We took decisive action in managing Covid-19, helping customers most affected by lockdowns and supporting our communities more than ever. This has been reflected in our financial recovery and the achievements made over the last year. We are particularly pleased by the bounce back in our retail portfolio and the consistent growth of our counter-cyclical healthcare offering. “Increasing our financial resilience over the last 12 months means that we are now better placed to withstand any downturn while remaining confident in the long-term success of the estate.”

Howard de Walden sees headline profit of £199.8m in FY22

Howard de Walden also appointed David McArthur, as head of investment, Andrea Merrington, as planning and engagement director, and Craig Clements, as director of operations, to The Howard de Walden estate executive committee

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