Westfield slashes loss ahead of huge funding boost
The company behind the Westfield shopping centres in London has recorded its lowest pre-tax loss since 2019 despite its turnover being slashed by over 30 per cent.
Westfield Europe, which includes sites in Stratford and Croydon, has reported a pre-tax loss of £25.2m for 2023, according to accounts filed late with Companies House.
The latest figure comes after Westfield fell to a pre-tax loss of £84.7m in 2022.
The results have been filed with Companies House long after the 30 September, 2024, deadline. Its accounts for 2024 are due to be filed by the end of September this year.
The £25.2m pre-tax loss is the lowest total Westfield has made since it lost £2.9m in 2019.
In 2021, the company made a pre-tax loss of £43.8m while it lost £195.6m in 2020.
The accounts for 2023 also show that Westfield’s turnover fell from £199.3m to £137.8m over the 12 months.
A statement signed off by the board said: “Turnover decreased mainly as a result of a reduction in work associated with the Cherry Park residential project (Coppermaker Square) as it nears final stages of completion.
“This decrease was partially offset by a small increase in management fee income from related parties.
“This loss for the year decreased as a result of foreign exchange gains on loans and reductions in impairment of amounts due from related parties, and a small decrease in the impairment loss on investments recognised year on year.”
The results come after Westfield acquired Retail Utilities Solutions for £5.8m in December 2024 from another company within the same group.
Also last month its sole shareholder, Unibail-Rodamco, subscribed for over 151 million shares of £1 each in the company and for another 163.9 million of £1 each.
It also received a dividend of £90m from Westfield UK Property Development.