Annual Financial Report

21 February 2025

BRUNTWOOD GROUP LIMITED

BRUNTWOOD INVESTMENTS PLC

BRUNTWOOD BOND 2 PLC

STATEMENT ON 2024 ANNUAL RESULTS

Bruntwood Group Limited ("Bruntwood") today announces the publication of its 2024 financial statements. The results cover the period ended 30 September 2024 (the "Relevant Period").

Highlights

● Reported Group operating profit of £18.5m (2023: £48.9m)

● Shareholders' Funds £376.0m (2023: £453.4m)

● Loss for the year of £(80.0)m (2023: £(218.5m))

● Compliant with all loan covenants.

Through its wholly owned portfolio, Bruntwood SciTech, and joint ventures with Trafford Council and Bury Council, the total Assets Under Management of the Bruntwood Group now stand at £1.8 billion. 

The business began the year with the transfer of 70% of its assets to Bruntwood SciTech, meaning the results look very different this year with a significant increase in Bruntwood's share of joint venture results. Reflecting these changes, Bruntwood reported an operating profit of £18.5 million (2023: £48.9 million), with the decline year-on-year reflecting the 29 city centre assets transferred to SciTech and excluded from operating profits.

The fall in market valuations has contributed to a loss before taxation of £73.7 million (2023: £224.3 million), with valuation losses of nearly £25 million seen across Bruntwood's wholly-owned portfolio and a further £169 million of losses seen in its joint ventures driving a £65 million share of joint venture losses. 

Chris Oglesby, CEO of Bruntwood, commented

"Over the last year, we have continued with our commitment to creating thriving places and driving forward truly transformative projects across the UK. However, it has not been a year without challenges and changes to market valuations have impacted us and our peers and we have once again seen a loss in our results.

"We do believe that there are many reasons for optimism. We have always been a long-term, patient investor, which positions us well to weather difficult cycles and allows us to continue with our ambitious plans even when the market is more challenging. Ultimately, our measure of success remains the impact that we are able to deliver across our UK-wide portfolio - this is an area where we have not slowed down having reached major milestones across all areas of our business in the last year. We have also deepened our relationships with our local authority partners and the communities we are operating within, setting the groundwork for future success."

Financial Position

The Group filed its annual accounts for the period ending September 30th, 2024. The full financial statements can be found at:

https://bruntwood.co.uk/retail-bond/2025/

Post Balance Sheet Events

As of 31st January 2025, the Group has successfully refinanced its principal loan within Bruntwood Group, thereby providing the cash required to repay the entirety of the outstanding retail eligible bond debt that falls due in February 2025, and providing further undrawn commitments to invest in its portfolio. 

The covenant testing and compliance certificate can be found on the Bruntwood website (link as above).

ENDS

For further information, please see Bruntwood's website at https://bruntwood.co.uk/or

contact:

Rachel Brunt (Chief Financial Officer) +44 (0) 161 212 2222

Sean Davies (Director of Financing & Investment)

Mark Glowrey (Allia C&C)