Crown Estate reports third consecutive year of over £1bn profit
7 reported
The Crown Estate, the property management company owned by King Charles, has reported a profit of £1.2bn for the last financial year, marking the third consecutive year it has exceeded £1bn in earnings. According to a report by The Guardian, two-thirds of this profit came from the offshore wind industry, with wind developers paying £875m in option fees to secure seabed leases. The income from wind fell by £198m from the previous year as two offshore windfarms began construction, allowing developers to pay a lower rate. The Crown Estate returned £487m to the Treasury, of which £132.1m was paid to the king to support royal duties, up from £86.3m the year before. The estate also plans to increase the annual pay of its chief executive, Dan Labbad, by nearly 20% to almost £2.33m. Labbad stated that a potential government led by Reform UK, which has vowed to end renewable energy subsidies, would not end the wind industry’s growth or income for the Crown Estate, and that the estate could work with industry players to set up direct energy supply deals.
What’s reported
The Crown Estate reported £1.2bn in profit for the last financial year, its third consecutive year above £1bn.
Two-thirds of the profit came from the offshore wind industry.
Wind developers paid £875m in option fees to secure seabed leases.
Income from wind fell by £198m from the previous year as two windfarms began construction.
The Crown Estate returned £487m to the Treasury, with £132.1m paid to the king, up from £86.3m.
CEO Dan Labbad’s pay is set to rise nearly 20% to almost £2.33m, up from almost £1.95m.
Labbad said a Reform UK government would not end wind industry growth or Crown Estate income.
Key figures
King Charles
Dan Labbad, chief executive of the Crown Estate
Sources: The Guardian
