Land Securities Regulatory News (LAND)

19 May 2015 07:07

British property developer Land Securities reported a rise in full-year pre-tax profit on Tuesday to £2.42bn from £1.1bn last year, driven by a valuation surplus of £2.04bn that includes the company's proportionate share of subsidiaries and joint ventures.The company said it has raised its dividend by 3.7% to 31.85p following strong investor demand for commercial property. Land Securities' adjusted net asset value, which reflects the value of their buildings, rose 27.6% to 1,293p from 2014. Earnings per share, meanwhile, increased to 306.1p from 142.3p. "We are determined to maintain our financial strength during this programme of significant investment and continued to implement our net debt neutral approach, with our development programme and acquisitions broadly matched with disposals," said chief executive Robert Noel. "We are also investing to build a pipeline of future opportunities. In addition to our development plans at Westgate and Buchanan Galleries, we took advantage of a rare opportunity to acquire an important City site at an attractive price with the purchase of 21 Moorfields in February." "Our strategy is delivering for our customers, our communities and our shareholders," he added. "Crucially, it is a strategy which recognises the cyclicality of the markets we operate in, ensuring we build a sustainable business for the long term. Looking ahead, we have a robust balance sheet and are confident our portfolios are well matched to customer demand."