Mapeley’s portfolio has grown by almost a quarter to £2.2bn in its first year as a publicly-listed company
In maiden results posted this morning, Mapeley also announced it had moved back into the black last year after making pre-tax profits of £42.9m against a £56.5m loss in 2005.
Reflecting its unusual business model and substantial US shareholder base, Mapeley has opted to report Funds From Operations (FFO) rather than Net Asset Value (NAV) – the typical headline performance measure used by UK property companies.
The company scored a 79% increase in FFO to £45.7m, compared with £25.5m in 2005. The growth was attributed to the capture of the government’s Identity and Passport Service outsourcing contract and a clutch of direct property acquisitions totalling £366m.
‘By focusing on the fundamentals of our business, we have delivered good organic growth from our existing portfolio and continued to make new property acquisitions on attractive terms - both through new outsourcing contracts and single asset acquisitions’, chief executive Jamie Hopkins said.
‘Whilst the commercial property market remains competitive, we continue to find
good opportunities to invest. We have a healthy pipeline of both real estate
outsourcing deals and single asset acquisitions currently under evaluation. Both of these factors continue to drive our competitive advantage in acquiring attractive regional property.’