Annual report 2022/23

A record £442.6 million net revenue profit for the nation’s finances.

• We delivered a net revenue profit of £442.6 million for the nation’s finances, £129.9 million higher than the previous year.

• The increase reflects option fee income from the signing of Agreements for Lease for six offshore wind farms through the Round 4 leasing programme, as well as resilient revenues across our business.

• The value of our portfolio increased 1.3% to £15.8 billion, primarily as a result of an increase in the valuation of our Marine portfolio.

“At the heart of The Crown Estate lies a set of core duties – to grow the value of the portfolio into perpetuity and return the income to the Treasury, for the benefit of the nation, its finances and its future.”

Dan Labbad, Chief Executive

“Our commercial focus is fundamental to the way we operate – by generating significant financial returns we are able to drive broader value creation aligned to our purpose.”

Sir Robin Budenberg, Chair