Deliver strong commercial results
Delivering strong commercial results is one of the five principal objectives that help guide how we meet our purpose of delivering lasting commercial, social and environmental benefit.
We strive to deliver strong commercial returns, while optimising environmental, social and governance outcomes.
Please see below for metrics and case studies that demonstrate and substantiate the the progress we are making around this objective.
Visit these pages to see how we are making progress against our other objectives:
- Improve land, property, places, goods and services
- Efficiently use natural resources, restore and enhance the natural environment
- Make a positive impact within communities
- Support long-term charitable causes
And please read our latest Annual Review to discover more about the full breadth of Grosvenor’s international activities.
Delivering strong commercial results is one of the five principal objectives that help guide how we meet our purpose of delivering lasting commercial, social and environmental benefit.
We strive to deliver strong commercial returns, while optimising environmental, social and governance outcomes.
Please see below for metrics and case studies that demonstrate and substantiate the the progress we are making around this objective.
Visit these pages to see how we are making progress against our other objectives:
- Improve land, property, places, goods and services
- Efficiently use natural resources, restore and enhance the natural environment
- Make a positive impact within communities
- Support long-term charitable causes
And please read our latest Annual Review to discover more about the full breadth of Grosvenor’s international activities.
Commercial resilience in a tougher environment
"Our commercial businesses have been resilient and performed in line with our expectations, despite challenging conditions."
Read more about our performance in the 'Deliver strong commercial results' section of our Annual Review.
Robert Davis
Chief Financial Officer
Grosvenor
Find out more
Urban Property commercial highlights
In 2022, our urban property business reflected solid performance in the face of challenging economic conditions. Revenue profit increased in the UK, but was impacted by lower trading profits in both our North American and Diversified Property Investments businesses, while total return was lower as rising interest rates led to modest falls in property values.
Revenue profit
(£m)
52.7
2021: £99.7m
Total return
(%)
3.5
2021: 5.2%
Net assets
(£bn)
6.2
2021: £6.1bn
Profit before tax
(£m)
110.4
2021: £437.5m
Economic gearing
(%)
22.7
2021: 23.9%
Financial capacity
(£bn)
2.3
2021: £2.1bn
Occupancy
(%)
95
2021: 92%
Property assets
(£bn)
9.0
2021: £8.9bn
Assets under management
(£bn)
11.5
2021: £11.0bn
Food & AgTech commercial highlights
Our commitment to the food and agtech sector continues, with total investment into new and existing portfolio companies during the year of £111m (2021: £81m). The value of our 28-company portfolio is £468m (2021: £364m). We continue to invest into businesses at varying levels of maturity, from seed to late stage, and also have a number of listed investments within the portfolio.
To protect the commercial sensitivity of the businesses in which we invest, we have chosen not to publish aggregated financial performance metrics.
Portfolio value
(£m)
468
2021: £364m
No. of portfolio companies
(hidden)
28
2021: 27
New investments 2022
(£m)
45
2021: £38m
Follow-on investments 2022
(£m)
66
2021: £43m
Rural Estates commercial highlights
Our commercial activities are predominantly centred around one of the UK’s leading commercial dairy and arable farms, the management of a rural property portfolio and a timber production venture.
Net profit*
(hidden)
£2.1m
hidden
The property activities in the rural estates saw an improved year as the significant prior year impact of Covid began to unwind.
Grosvenor Farms’ underlying trading performance was broadly flat year-on-year but overall results were down as a result of significant exceptional expenditure developing future projects.
*Based on EBITDA per the most recently approved audited financial statements and excluding central administrative charges.
Gross value
(hidden)
£387m
hidden
Asset values increased year-on-year both as a result of positive revaluations and the acquisition of a commercially grown forest in mid-Wales.
This acquisition will support the supply of materials for our recently opened sawmill facility on the Eaton Estate, which will produce timber products, both for use in our own properties and for commercial sale externally.
Investing with purpose
"Our investment approach is built on a commitment to long-term thinking, sustainable growth and a deep sense of responsibility towards the planet’s environmental resources and the communities that depend on them. We make the most of today’s opportunities while maintaining a perspective that weighs the impact of our actions over the long term."
Jonathon Bond
Chief Investment Officer
Grosvenor