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Land Securities Group PLC on Friday said it continued to see ‘clear positive momentum across every part of our business’ as it announced a higher interim dividend, while its interim total return on equity was lower than a year ago. The London-based commercial property development and investment company said EPRA earnings per share climbed 3.2% to £192 million in the six months to September 30, from £186 million a year ago. EPRA earnings per share improved 3.2% to 25.8 pence from 25.0p. Total return on equity was 1.2%, lower compared to 3.9% a year ago. Profit before tax meanwhile dove 60% to £98 million from £243 million. The company’s top occupier as at September 30 is central government with 5.1% of group rent, followed by Deloitte with 2.1% and the BBC at 1.9% Land Securities declared an interim dividend of 19.0p per share, up 2.2% from 18.6p a year ago. Looking ahead, the company said it ‘continued to capture’ a growing reversion in its office/retail portfolio, noting uplifts on relettings. Land Securities raised its like-for-like net rental income guidance for its current financial year ending March 31 to between 4% and 5%, up from its previous guidance between 3% and 4%. Financial 2026 EPRA earnings per share growth is expected at the top end of its 2% to 4% guidance, before impact from disposal of Queen Anne’s Mansions of around £7 million. The sale for £245 million is expected to complete in December. Chief Executive Officer Mark Allan said: ‘We continue to see clear positive momentum across every part of our business, notwithstanding the wider economic environment. Owning the right real estate has never been more important, so we continue to benefit from our proactive portfolio repositioning over the last few years, and our entire business is also benefitting from a sharper focus on sustainable EPS growth as our primary performance objective, providing greater clarity in terms of priorities and decision making. ‘This gives us the confidence to raise both our near-term EPS guidance and medium-term EPS growth potential. With a best-in-class portfolio, effective capital allocation, and a clarity of purpose, priorities and objectives, our business is well positioned to build on our strong performance momentum.’ Land Securities shares fell 3.4% to 625.00 pence each on Friday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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