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First half revenue and earnings halve at Land Securities
StockMarketWire.com
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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 StockMarketWire.com
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