Joy for Land Securities as results hit the heights
Shares in landlord and developer Land Securities jumped more than 6 per cent yesterday after its annual results smashed expectations.
The company, which owns offices and shops across Britain, reported booming profits and an impressive 9.7 per cent rise in the value of its estate.
Booming profits: Land Securities
Its shares rose 48p to 795.5p – the highest level since early 2009. They peaked above 2100p during the property boom but crashed below 350p in the slump.
Chief executive Francis Salway hailed ‘a year of strong progress’.
He said: ‘Our markets are in recovery mode and we see particularly strong growth prospects in London over the next few years. We may continue to see ripples in prices, but we go into the new financial year confident.’
Salway plans to develop more offices in central London to take advantage of an ‘acute’ shortage of supply.
Profits jumped 14.8 per cent to £1.2billion in the 12 months to the end of March and net asset value per share – a key measure of success – soared 19.5 per cent to 826p.
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