Business
Annual results for year ended 31 March 2011
Annual results for year ended 31 March 2011.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \nRNS Number : 7952G Land Securities Group Plc 18 May 2011 \n \n\nFinancial results for the year ended 31 March 2011\n\"The clear plan we put in place to manage the business as the sector emerged from the downturn is delivering results in the form of higher earnings and significant valuation surpluses on development projects.\"\nResults summary\n \n\n\n\n\n \n\n\n31 March 2011\n\n\n31 March 2010\n\n\nChange\n\n\n\n\nValuation surplus (1)\n\n\n£908.8m\n\n\n£863.8m\n\n\n9.7%\n\n\n\n\nBasic NAV per share\n\n\n885p\n\n\n750p\n\n\nUp 18.0%\n\n\n\n\nAdjusted diluted NAV per share (2)\n\n\n826p\n\n\n691p\n\n\nUp 19.5%\n\n\n\n\nGroup LTV ratio (1)\n\n\n39.0%\n\n\n43.5%\n\n\n \n\n\n\n\nProfit before tax\n\n\n£1,227.3m\n\n\n£1,069.3m\n\n\nUp 14.8%\n\n\n\n\nRevenue profit (1)\n\n\n£274.7m\n\n\n£251.8m\n\n\nUp 9.1%\n\n\n\n\nBasic EPS\n\n\n162.33p\n\n\n144.04p\n\n\nUp 12.7%\n\n\n\n\nAdjusted diluted EPS\n\n\n36.31p\n\n\n34.08p\n\n\nUp 6.5%\n\n\n\n\nDividend\n\n\n28.2p\n\n\n28.0p\n\n\nUp 0.7%\n\n\n\n\n \n1. Including share of joint ventures\n2. Our key valuation measure\n \nStrong performance\n· Total business return (dividends and adjusted NAV growth) of 23.6%\n· Ungeared total property return 16.8%, outperforming IPD Quarterly Universe at 11.3%\n· Completed disposals of £687m at an average of 12.7% above March 2010 valuations\n· Rental values up 4.7% across total like-for-like portfolio since March 2010\n· Voids in like-for-like portfolio reduced to 4.3% (5.3% at 31 March 2010)\n· Group LTV ratio including share of joint ventures at 39.0% (43.5% at 31 March 2010)\n· Recommended increase in final dividend to 7.2p (from 7.0p)\n \nDevelopments driving returns with scope for continuing positive contribution\n· Valuation surplus on properties in the development programme of 19.4%\n· £26m of development lettings in the year and £2m in solicitors' hands\n· Park House, W1, development site sold for total consideration of £296m\n· One New Change, EC4 o...