Crown Estate UK has recorded a 4% year-on-year increase in income to £329m for the 12 months to end-June, driven primarily by lease payment for new offshore wind projects.
The seabed manager said a 2.3GW increase in operational capacity, which brought the total offshore asset to 7.4GW, meant the sector delivered the “strongest performance” across its holdings.
Overall performance for Crown Estate was ahead of the market based on a total return of 11% against the “annual bespoke benchmark” of 8.2%, again thanks mainly to offshore wind.
“Our highly skilled team has delivered another great set of results this year, against a backdrop of a challenging and uncertain market,” said chief executive Alison Nimmo.
“This success has been built on a disciplined focus on creating high-quality service and experiences for our customers in the best locations, and an approach to business that looks beyond short-term volatility to deliver long term, sustainable outperformance.”
Image: Crown Estate
Offshore fills Crown coffers
By EBS