The Crown Estate has announced a net revenue profit of £312.7 million for the financial year 2021/22

Results summary:

Net revenue profit: £312.7 million generated for the public purse, which is £43.4 million higher than last year.

Total return performance: 12-month total return is 12%, outperforming annual bespoke benchmark of 9.9%. On a three-year rolling basis, it is 8.3% against annual bespoke benchmark of 2.3%. Excluding the impact of Offshore Wind Leasing Round 4, performance is 0.3 percentage points ahead of the bespoke benchmark on a three-year rolling basis.

Value: The value of the portfolio increased by 8.3% to £15.6 billion. This has been driven primarily by an increase in the Marine portfolio.

Marine Portfolio update:

World leading offshore wind market: Offshore wind generation across The Crown Estate’s seabed holdings is now estimated to power 8.6 million homes, equivalent to delivering the annual electricity needs for around 31% of all UK homes and 12% of the UK’s total electricity needs

Offshore Wind Leasing, Round 4 (Round 4): Last year, The Crown Estate announced the outcome of Round 4 bidding process, which could provide up to 8GW of offshore wind power subject to approval following the Habitats Regulations Assessment process (an environmental assessment known as Plan Level HRA). On 21 April 2022 The Crown Estate announced the conclusion of this process and its intention to proceed with all of the selected projects on the basis of derogation. Round 4, together with planned leasing from Crown Estate Scotland, build on the UK’s existing, world-leading, offshore wind pipeline of 43GW, and could help take the total to over 80GW.

The full news release from The Crown Estate can be read here and the Annual Report and Accounts here.