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First half revenue and earnings halve at Land Securities

By BFN News | 07:15 AM | Tuesday 10 November, 2020

Real estate investment trust Land Securities reported revenue down 48.9% to £155 million and a pre-tax loss of £835 million for the six months to 30 September. The investor in UK property also reported adjusted diluted earnings per share down 49% to 15.5p and net tangible asset per share down 9.5% to 1,079p. The dividend was reinstated at 12p, down from 23.2p a year earlier. CEO Mark Allan said: 'We are resuming quarterly dividends commencing with a 12p per share payment on 4 January 2021, representing an aggregated payment for the first two quarters of the year.' Like-for-like net rental income was down 10.3%, excluding provisions for bad and doubtful debts. Allan also reiterated the strategy outlined at a 19 October investor day, adding: 'Our strategy is based on four strategic priorities - Optimise Central London; Reimagine Regional retail; Realise capital from Subscale sectors; and Grow through Urban opportunities - and envisages recycling approximately £4 billion of capital out of lower returning assets and sectors and into growth opportunities over the next few years.' Story provided by

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