Landsec profits and revenue rise along with net rental income
By Michele Maatouk
Date: Tuesday 13 Nov 2018
(Sharecast News) - Property developer Landsec, formerly Land Securities, reported a jump in first-half profit and revenue on Tuesday as net rental income rose and costs fell.
In the six months to 30 September, pre-tax profit pushed up to £42m from £34m in the same period a year ago on revenue of £224m, up 10.3%. The company lifted its dividend by 14.7% to 22.6p a share.
Ladsec said its combined portfolio dropped in value by 1.4% or £188m, with the value of its retail parks down 4.5% and its leisure and hotels down 0.2%. Meanwhile, its shopping centres and shops declined in value by 2.9%. EPRA net assets per share were down 1.4% to 1,384p.
Still, the company was able to achieve higher profit and revenue as net rental income for the period rose by £5m and net finance expenses and net indirect expenses fell.
In London, the company expanded its pipeline of office development opportunities to £2bn and will be launching a new flexible office product in the new year, catering for increasing customer demand for flexible, serviced solutions.
Chief executive Robert Noel said: "Landsec has delivered a robust performance in an uncertain market.With healthy growth in earnings per share and a strong financial position, we are looking forward with confidence, introducing new concepts and growing our pipeline of development opportunities.
"We remain alert to market risks but are confident in our current positioning and excited about the future."
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