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.

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.