Land Securities weathers tough second half

Despite growth in property values stalling in the second half of its financial year, real estate investment trust Land Securities said it continued to build shareholder value.

Adjusted diluted net asset value (NAV) per share at the end of March 2012 stood at 863p, up 4.5% on the NAV per share of 826p a year earlier.

Profit before tax more than halved to £515.7m in the year to March 31st from £1,227.3m the year before, but revenue profit climbed 9.0% to £299.4m from £274.7m.

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Adjusted diluted earnings per share (EPS) rose 8.5% to 38.5p from 35.5p the year before, and was marginally ahead of market forecasts of 38.2p.

The full-year dividend was marginally below expectations of 29.0p, however, at 29.0p; that was 2.8% higher than the previous year's pay-out of 28.2p.

"The outlook remains uncertain but we will continue to use the competitive advantage offered by our financial resources to deliver on our plans and exploit opportunities as they arise," pledged Chief Executive Robert Noel.

JH