Business
Half-yearly financial results
Half-yearly financial results.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n RNS Number : 9972V Land Securities Group Plc 11 November 2010 \n \n\nLAND SECURITIES GROUP PLC (\"Land Securities\")\n \nHalf-yearly financial results for the six months to 30 September 2010\n \n\"We entered the year with a clear plan. The first half has seen us deliver on that plan, building momentum across the business. Our focus on development is already driving returns through valuation gains and profits on sales. We are seeing a willingness of companies to commit to new space across our business that is slightly ahead of our expectations and we are confident in our ability to continue to exploit the opportunities we have created across our portfolio.\"\nResults summary\n\n\n\n\n \n\n\n30 September 2010\n\n\n31 March 2010\n\n\nChange\n\n\n\n\nValuation surplus (1)\n\n\n£314.1m\n\n\nN/A\n\n\nUp 3.4%\n\n\n\n\nBasic NAV per share\n\n\n795p\n\n\n750p\n\n\nUp 6.0%\n\n\n\n\nAdjusted diluted NAV per share (2)\n\n\n737p\n\n\n691p\n\n\nUp 6.7%\n\n\n\n\nAdjusted Gearing (1)\n\n\n67.0%\n\n\n72.1%\n\n\nN/A\n\n\n\n\n \n\n\nSix months ended\n30 September 2010\n\n\nSix months ended\n30 September 2009\n\n\nChange\n\n\n\n\nProfit/(loss) before tax\n\n\n£455.3m\n\n\n£(4.6)m\n\n\nN/A\n\n\n\n\nRevenue profit\n\n\n£135.9m\n\n\n£128.4m\n\n\nUp 5.8%\n\n\n\n\nBasic EPS\n\n\n59.54p\n\n\n1.58p\n\n\nN/A\n\n\n\n\nAdjusted diluted EPS\n\n\n18.49p\n\n\n16.89p\n\n\nUp 9.5%\n\n\n\n\nDividend\n\n\n14.00p\n\n\n14.00p\n\n\n-\n\n\n\n\n(1) Including share of joint ventures\n(2) Our key valuation measure\nFinancial highlights:\n§ Valuation surplus of 3.4% or £314.1m since March 2010\n§ Rental values up 1.1% across the total like-for-like portfolio since March 2010\n§ Outperformed IPD Quarterly Universe by 0.8%\n§ Completed disposals totalling £459.8m at an average of 5.7% above March 2010 valuations\n§ Acquisitions totalled £174.0m and expenditure on developments and refurbishments totalled £127.0m\n§ Group LTV ratio including share of joint ventures reduced to 42.1% (43.5% at 31 March 2010)\n§ Average debt maturities extended from 11.8 years in March 2010 to 11.9 years\n \nCommenting on the results, Land Securities Chief Executive Francis Salway said:\n \n\"Our results reflect the benefit of moves we have made to position the business for the recovery in the market. We have committed significant capital to developments and...