Business
Annual results for the year ended 31 March 2020
Annual results for the year ended 31 March 2020.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5585M\n Land Securities Group PLC\n 12 May 2020\n \n \n \n Annual results for the year ended 31 March 2020\n 12 May 2020\n Resilient operational performance, strong balance sheet and decisive response to Covid-19\n Chief Executive Mark Allan said:\n \n \"I join Landsec at an extraordinary time. The effects of Covid-19 are accelerating ongoing structural trends across the real estate sector, while its longer-term societal and economic consequences are yet to be determined. Landsec's strong balance sheet and resilient operational performance have enabled us to respond to immediate challenges posed by Covid-19 with speed and decisiveness. Our £80m rent relief fund has offered targeted support to occupiers, alongside broader options of rent deferrals and monthly payments, and our £500,000 of community grants is providing financial assistance to our charity partners.\n \n \"I am confident Landsec is approaching the future from a position of strength. We are prepared to be bold in our thinking as we navigate both the challenges and opportunities arising in the long term from changing market trends and will not lose sight of our wider sustainability objectives. We will continue to lead the sector on major issues such as climate change and remain committed to acting as a force for good in the communities in which we operate.\"\n Financial results\n \n - Revenue profit(1)(2) down 6.3% to £414m\n \n - Revenue profit(1)(2) down 1.1% to £437m before provisions related to 2020/21 rent\n \n - Loss before tax for the year of £837m (2019: loss of £123m)\n \n - Adjusted diluted earnings per share(1)(2) down 6.4% to 55.9p\n \n - No final dividend; full year dividend down 49.1% to 23.2p per share\n \n - Combined Portfolio(1)(2) valued at £12.8bn, with a valuation deficit(1)(2) of £1,179m or 8.8%(3) \n \n - EPRA net tangible assets per share(1) down 11.6% to 1,192p\n \n - Ungeared total property return(4) of -4.5%\n \n - Total business return(1) of -8.2%\n Strong financial position\n \n - Group LTV ratio(1)(2) at 30.7% (31 March 2019: 27.1%)\n \n - Adjusted net debt(1)(2) of £3.9bn (31 March 2019: £3.7bn)\n \n - Weighted average cost of debt at 1.8% (31 March 2019: 2.7%)\n \n - Weighted average maturity of debt at 9.6 years (31 Marc...