StockMarketWire.com - Land Securities swung to a half-yearly loss as a challenging backdrop for retailers weighed on its performance.
For the six months to 30 September, the company reported pre-tax losses of £147m compared with a profit of £42m on-year and revenues rose 0.4% to £225m, while earnings, or EPRA net assets a share fell 3.2% to 1,296p.
The combined portfolio value fell 2.8% to £13.4bn impacted by weak retail markets, in which rising costs and a more cautious consumer forced a number of retailers to file for insolvency. Like-for-like net rental income was up 1.4% to £4m.
An interim dividend of 23.2p was proposed, an increase of 2.7%.
'With a general election next month and the UK's proposed exit from the EU further delayed, we remain alert to market risks,' Land Securities said.
At 8:06am: [LON:LAND] Land Securities Group Plc share price was -7p at 885p
Story provided by StockMarketWire.com
Shares Magazine

Shares is the leading weekly publication for retail investors. It is packed with investment ideas, news and educational material to help build and run portfolios and get more from your money.
Investor Events

Shares puts on free Investor Events throughout the year across the country. They provide an opportunity for investors to learn more about companies on the stock market and hear from a range of investment experts including fund managers and Shares journalists.