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Land Securities swings to loss in H1 as weak retail backdrop weighs

By BFN News | 08:06 AM | Tuesday 12 November, 2019


Land Securities swung to a half-yearly loss as a challenging backdrop for retailers weighed on its performance. For the six months to 30 September, the company reported pre-tax losses of £147m compared with a profit of £42m on-year and revenues rose 0.4% to £225m, while earnings, or EPRA net assets a share fell 3.2% to 1,296p. 

 The combined portfolio value fell 2.8% to £13.4bn impacted by weak retail markets, in which rising costs and a more cautious consumer forced a number of retailers to file for insolvency. Like-for-like net rental income was up 1.4% to £4m. An interim dividend of 23.2p was proposed, an increase of 2.7%. 'With a general election next month and the UK's proposed exit from the EU further delayed, we remain alert to market risks,' Land Securities said. At 8:06am: (LON:LAND) Land Securities Group Plc share price was -7p at 885p Story provided by StockMarketWire.com

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