LONDON, November 12 /PRNewswire/ -- Land Securities, the UK commercial
properties group, announced a pre-tax
loss of GBP1.74bn, driven by a valuation deficit of GBP1.72bn, but said it
had maintained good underlying performance with growth in revenue profit of
13.3 per cent in the first half of 2008.
The company also confirmed that its plans to demerge had been put on hold
because of unfavourable market conditions, but stressed that it still saw the
benefits of specialisation.
In a video interview on http://www.cantos.com, Fancis Salway, Group Chief
Executive, said:
"Our plans for demerger were about creating shareholder value. If the
costs of transitioning debt in the current environment are so great that it
wouldn't create shareholder value then we should stop. And that's exactly
what we've done."
When asked about Land Securities' banking covenants Martin Greenslade,
Group Finance Director, highlighted the flexibility of the debt structure,
describing it as a "progressive regime, not aggressive covenants."
Land Securities will be holding a results presentation today at 9:00am
(GMT). The live web-cast with interactive Q&A will be available at
http://www.landsecurities.com/interims2008
The interview and transcript are available now on http://www.cantos.com.
It's free to view. All you need to do is register at
http://www.cantos.com. Cantos.com, the online financial broadcaster, features
in-depth interviews, documentaries and webcasts with senior company
executives. If you would like to contact us, please email
enquiries@cantos.com or phone +44-207-936-1333.