Business
Half-yearly results 2008
Half-yearly results 2008.
About this update from Land Securities Group Plc
[{"type":"text","content":"\n RNS Number : 9659H Land Securities Group Plc 12 November 2008 \n \n\nHalf-yearly financial results for the six months to 30 September 2008\n\nResults Summary\n\n\n\n\n\n\n\n\n30 Sept 2008\n\n\n31 March 2008\n\n\nChange\n\n\n\n\nValuation deficit *\n\n\n(£1,723.1m)\n\n\n N/A \n\n\nDown 12.7%\n\n\n\n\nBasic NAV\n\n\n1660p\n\n\n2067p\n\n\nDown 19.7%\n\n\n\n\nAdjusted diluted NAV **\n\n\n1552p\n\n\n1956p\n\n\nDown 20.7%\n\n\n\n\nAdjusted Gearing ***\n\n\n84.4%\n\n\n67.7%\n\n\nN/A\n\n\n\n\n\n\n\nSix months ended \n30 September 2008\n\n\nSix months ended \n30 September 2007\n\n\nChange\n\n\n\n\nPre-tax (loss) / profit ****\n\n\n(£1,737.2m)\n\n\n£365.2m\n\n\nN/A\n\n\n\n\nRevenue profit \n\n\n£195.8m\n\n\n£172.8m\n\n\nUp 13.3%\n\n\n\n\nBasic EPS\n\n\n(375.10p)\n\n\n76.43p\n\n\nN/A\n\n\n\n\nAdjusted diluted EPS\n\n\n41.83p\n\n\n36.46p\n\n\nUp 14.7%\n\n\n\n\nDividend\n\n\n33.00p\n\n\n32.00p\n\n\nUp 3.1%\n\n\n\n\n\n*Excludes Trillium investment properties **Our key valuation measure ***Including notional share of joint venture debt ****Includes revaluation deficit, profits/loss on disposals and goodwill impairment\n Performance\n\n\nGood underlying performance with growth in revenue profit of 13.3%\n\n\n1.1 million sq ft of development space completed and 92% let\n\n\n£181.5m of property investment sales at 1.7% above March 2008 valuation (before disposal costs)\n\n\nGroup net debt down by £175.1m but impact of falling property values saw debt ratios increase\n\n\nLoan-to-Value stands at 43.5% for the Group or 45.4% overall including joint ventures\n\n\nResilience of income with vacancy rates across the like-for-like investment portfolio, excluding development pipeline properties, up slightly to 4.0% (3.4% at March 2008)\n\n\nLimited exposure in short-term to breaks in income\n\n\nUngeared total return 2.4% below IPD benchmark largely as a result of greater adverse yield shift\n\n\n\nLondon Portfolio\n\n\nIncome (excluding joint ventures) up £12.7m to £171.8m as successful developments come on stream\n\n\nSales of £151.8m at an average of 0.5% below March 2008 valuation (before disposal costs)\n\n\n10 Eastbourne Terrace, W2, completed and 100% let\n\n\n\nRetail P...