NHS Property Services reports 7£ million loss in its first year

Property Week reports that the company’s first annual report since April 2013 has shown an operating loss of £7 million, as part of a total loss of £159 million, partly attributed to covering debts inherited by Primary Care Trusts (£16 million) and leases without tenant (£21 million).

The company commented that this loss was “exceptional and non-recurrent”, adding that property sales during this period have led to savings in running costs of £2 million annually. Revenue from sales stood at £17.6 million with a further £7.4 million from contract exchanges. NHS Property Services plans to achieve £43 million of savings by the end of the 2014/2015 period.