Business
Annual results for year ended 31 March 2013
Annual results for year ended 31 March 2013.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n \nRNS Number : 7257E Land Securities Group PLC 15 May 2013 \n \n\nAnnual results for the year ended 31 March 2013\n \"We have delivered a strong set of financial results with a 4.6% increase in net asset value and dividend growth of 2.8%. Our strategy to focus on developing early in the cycle led to success at Trinity Leeds and Buchanan Street, Glasgow which both opened their doors close to fully let in March. In London, 20 Fenchurch Street is now 56% pre‑let or in solicitors' hands, a year ahead of completion, demonstrating clear demand for the right space in the right location. In addition, our relentless asset management has reduced voids even further, helping to achieve outperformance for our shareholders.\n \n\"Our development window remains open. A strong balance sheet combined with discipline in recycling capital allow us to take advantage of that window, as shown by our announcement today to commit, with our partner CPPIB, to the £768m first phase of Victoria Circle, a mixed-use development in London's West End.\n \n\"While the trading environment remains tough for retailers, we continue to see appetite for the right space in the right location. Our digital proposition, combined with more leisure across our retail assets, means we are providing customers with the full experience they want, increasing dwell time and average spend.\n \n\"There has been no let up in the pace of our activity in the new financial year and I am confident of delivering success,\" said Land Securities' Chief Executive Robert Noel.\nResults summary\n \n\n\n\n\n \n\n\n31 March 2013\n\n\n31 March 2012\n\n\nChange\n\n\n\n\nValuation surplus (1)\n\n\n£217.5m\n\n\n£190.9m\n\n\n2.0%\n\n\n\n\nBasic NAV per share\n\n\n959p\n\n\n921p\n\n\nUp 4.1%\n\n\n\n\nAdjusted diluted NAV per share (2)\n\n\n903p\n\n\n863p\n\n\nUp 4.6%\n\n\n\n\nGroup LTV ratio (1)\n\n\n36.9%\n\n\n38.0%\n\n\n \n\n\n\n\nProfit before tax\n\n\n£533.0m\n\n\n£515.7m\n\n\nUp 3.4%\n\n\n\n\nRevenue profit (1)\n\n\n£290.7m\n\n\n£299.4m\n\n\nDown 2.9%\n\n\n\n\nBasic EPS\n\n\n68.4p\n\n\n67.5p\n\n\nUp 1.3%\n\n\n\n\nAdjusted diluted EPS\n\n\n36.8p\n\n\n38.5p\n\n\nDown 4.4%\n\n\n\n\nDividend\n\n\n29.8p\n\n\n29.0p\n\n\nUp 2.8%\n\n\n\n\n \n1. Including our proportionate share of subsidiaries and joint ventures\n2. Our key valuation measure\nA year...