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Land Securities annual losses widen as Covid impact bites; touts optimism on recovery
StockMarketWire.com
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Property company Land Securities reported wider annual losses as the Covid-19 lockdowns weighed on its office portfolio as people worked from home.
For the year ended 31 March 2021, pre-tax losses widened to £1,393m million from £837 million year-on-year as revenue fell 39.4% to £251 million.
The combined portfolio value fell 13.7% to £10.8 billion.
'Central London has been one of the areas hardest hit by the effects of the pandemic and social distancing restrictions, with physical office occupancy for the portfolio as a whole ranging from 1% to 21% at different times across the year and footfall across our Central London portfolio down by around 82%,' teh company said.
'We expect physical office occupancy to recover substantially across the second and third quarters of 2021,' it added.
The full year dividend was raised to 27.0p per share from 23.2 pence last year.
Looking ahead, the company said it was now entering the recovery phase.
'[There] is the real prospect of a strong consumption led recovery across the remainder of 2021 and 2022,' the company said.
At 8:33am: (LON:LAND) Land Securities Group PLC share price was 0p at 676.5p
Story provided by StockMarketWire.com
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