Land Securities doubles full-year pre-tax profit

15th May 2014 07:13

- Doubles pre-tax profit, basic NAV up 11.5 per cent- Meeting strong demand in London- Confident outlook, increased dividendReal estate investment trust Land Securities said it is well positioned in a strong property market, amid robust valuation gains and an almost fully-let retail portfolio, and it expects momentum to continue. The UK's largest commercial property company said basic net asset value, or NAV, per share rose to 1,069p from 959p a year earlier. Adjusted diluted NAV per share increased 12.2% to 1,013p for the year ended March 31st. Pre-tax profit jumped to £1.1bn from £533.0m previously while revenue profit rose £9.9% to 319.6m. "Four years ago we anticipated the onset of supply-constrained conditions in the London offices market. That is exactly what we have seen. And, if anything, demand has been stronger than we signalled in our annual report last year," the group said in a company statement.The company, which owns and manages more than 29,000,000 sq ft of commercial property, including London offices, high street shops and shopping centres, underlined its confidence in future trading with an increased final dividend of 7.9p, from 7.6p a year earlier.Chief Executive Robert Noel said: "Overall, market conditions for property are positive and Land Securities is well positioned. Our strategy is clear, our people focused, our activity relentless and our business stronger. I am confident of continued good performance. "This strategy, together with a resurgent London market, has led to significant valuation gains, while our near fully-let retail portfolio has delivered strong cash flow and increased revenue profit," he added. CJ