Land Securities outlines plan to restore dividends
Land Securities has become the first large UK company to outline plans to restart dividend payouts, with the property group reporting early signs of recovery from the coronavirus pandemic.
The group, whose portfolio includes Deutsche Bank’s new London headquarters, said on Friday that the size and timing of its dividend will be disclosed when it reports half-year results in November and that it
“remains in a financially robust position”. The move was “a sign of confidence relating to the reopening of the economy”, said John Cahill, an analyst at Stifel, in a note. Landsec said that like-for-like store sales in the last two weeks of June – after non-essential retailers were allowed to reopen in England – were 80 per cent of the level reported a year earlier. – Copyright The Financial Times Limited 2020