THE transformation of an iconic Warrington business has highlighted a bonanza year for the firm.

Langtree has reported a ‘very positive year’ despite political and economic turbulence.

The commerical property company's annual report for 2022/23, an increase in profit pre-valuation movements of 73 per cent to £1.3 milion was reported.

This is an increase in estimated rental value of £2 million to £30 million for assets owned or under management.

But chairman Tim Johnston said he is not expecting stability to return to markets before the general election.

He said: “Given the headwinds out there, this is a very strong set of results,” said Tim Johnston.

“If you take valuations, for example, the industry has seen a general reported downturn of 15 per cent, but Langtree has experienced only a modest three per cent decrease in values overall.

“That’s testament to the quality of our portfolio and partnerships, as well as past sound judgement.”

Langtree is also continuing to bring forward developments across its joint ventures and asset base, despite current market conditions.

Projects coming forward include the likes of a planning application for a 1.6m square foot second phase of giant Parkside logistics development in St Helens as well as a further phase of the campus at Sci-Tech Daresbury.

The refurbishment and development of the 80,000 square foot St James Business Centre into the new Warrington Digital Hub is also planned.

“It’s been a busy and challenging year, but one we anticipated,” said group chief executive John Downes.

“There are many things that contribute to allowing a business like ours to continue forward, chief among them being the quality of our team, and the commitment of our partners and clients. My thanks go to all for their dedication and support.”