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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
Thousands of Neil Woodford investors sue Hargreaves LansdownMore than 5,000 people who invested in Woodford's collapsed equity income product are taking Hargreaves Lansdown to court
-
Is now a good time to invest in gold?In the current market conditions, is gold a good investment? We explore the reasons why now might be a good time to put some money into gold.
