Landsec sees short-term uncertainty in market

Property heavyweight Land Securities swung to a loss last year amid warnings that the UK market will be more subdued in the near term due to Brexit uncertainty.

The group yesterday booked a pre-tax loss of £251 million for the year to 31 March, which compares with a profit of £112m the year before. The deficit was attributed to the company’s bond repurchase activity.

Adjusted diluted earnings per share rose by just under 10 per cent to 53.1p while the dividend per share was up 14.7 per cent to 44.2p.

Robert Noel, chief executive of Land Securities, which is behind major Scottish retail assets such as Glasgow’s Buchanan Galleries and the Almondvale South Retail Park in Livingston, said: “Landsec has had an active and successful year.

“Our portfolio is well let and adaptable to changing customer expectations. In a market facing short-term uncertainty, we have conservative gearing, marketleading debt facilities and a growing pipeline of opportunities for the future.”