Crown Estate increases turnover from aggregates dredging

Turnover was £264.8 million, an increase of 1.0 per cent. The capital value of The Crown Estate increased by 3.3 per cent over the year to £7,328 million.

Ian Grant, chairman of The Crown Estate said, ‘2007/08 has been an excellent year for The Crown Estate in difficult market conditions. These results show we have become increasingly opportunity focused, and have put in place firm foundations for active portfolio management in the future. Our total return performance of 7.7% significantly exceeded that of the industry benchmark, the Investment Property Databank (Quarterly Index) of -9.1%’.

Roger Bright, chief executive of The Crown Estate added, ‘This has been a challenging year for the property sector. Although we take a long term view and focus on good quality assets that will sustain continued growth for the future, we are nevertheless subject to short term market conditions. I am pleased to report that we have navigated through troubled waters with demonstrable success and are well positioned to face the challenges that lie ahead.’

The Crown Estate said its marine estate had a very good year, with turnover increasing by 9.4% to £41.9 million and property value increasing by 10% to £370.2 million. During the year the marine aggregates business performed well and contributed £17.7 million, up 13.3% on last year.

The Crown Estates said 2007/08 was characterised by important progress in three distinct marine areas: in established business sectors; in developing its portfolio of interests through direct investment; and in continuing to identify and evaluate the latent value in the estate, such as the potential for renewable energy generation.