Leading UK warehouse developer Tritax Big Box today announced a 20% rise in profits and laid out its long-term strategy to enhance its portfolio which is now valued in excess of £4.4bn.

The FTSE 250-listed company’s full-year results for 2020 reflected the strength of the logistics sector as Tritax’s profits jumped to £147.5m, in part due to the record demand for sheds space with the strains on supply chains creating opportunities for providers of large-scale industrial developments.

Last year Tritax agreed major rental deals with Apple and Ocado which helped drive up their rental income by £13.9m (8% increase).

Chairman Sir Richard Jewson said: “Our progress this year reflects the growing maturity and strength of the business. Having built a leading portfolio of large-scale logistics assets, the Group has the key attributes needed to deliver on its long-term strategy.

“We own and control the UK’s largest logistics-focused land bank, through which our largely pre-let focused model provides the opportunity to minimise risk, efficiently utilise capital and maximise returns.

“The land bank complements our ability to acquire attractive opportunities in the market and to deliver value through active asset management of the portfolio. It also enables us to support the expansion plans of our existing customer base as well as those of potential new customers.”

Moving forward Tritax received planning permission on 5.4 million sqft of logistics space in 2020 and has established a near-development pipeline of 10.2 million sq ft across 12 sites, of which 74% had received planning permission by the end of 2020.