PROFITS at the Queen’s estate in the Ribble Valley have soared over the last year.

The Duchy of Lancaster announced its financial results today with income generated from rents up by almost eight per cent raking in £13.9million.

The Queen’s property portfolio group also increased in value by 10 per cent to £383.2 million.

The group has managed to beat the recession with cuts in administration costs and growth within its agricultural portfolio.

Paul Clarke, chief executive and clerk of the Duchy Council, said: “We are delighted that, in a gradually improving market, we have succeeded in increasing our operating income and our net asset value.”

He added: “Our strong focus on efficient financial management has resulted in a reduction in our administration costs of eight per cent, whilst increasing our gross income by nine per cent.”

The Duchy of Lancaster is a private landed estate which provides the Sovereign of the day with a source of income independent from both the Government and the public purse.

Last year, the Duke of Lancaster Housing Trust committed just under £2 million to its first housing project in Dunsop Bridge with plans for 12 traditional-style terraces.

Mr Clarke said that the Duchy had continued to improve the quality and mix of its portfolios which has put in it a strong position to build on its success in the years ahead.

He said: “2012 is going to be an eventful year with, in particular, the Diamond Jubilee celebrations and also the London Olympics.

“Despite these exciting distractions, the Duchy will continue to follow its proven path of prudence and professionalism.”

He added: “The levels of returns seen during the early part of the last decade will not be repeated during the next five years, but we are confident that we will continue to see strong financial performance and enhanced asset quality across all our estates.”

Founded in the 13th Century, the Duchy is custodian of 18,211 hectares across England and Wales.

It includes some key urban developments, some historic buildings, some high-quality farm land and some areas of great natural beauty.