Source: Sharecast
The commercial landlord, which owns a £10bn portfolio of properties, said like-for-like net rental income increased 6.2% in the six months to 30 September, ahead of guidance for between 3% and 5%. Earnings per share were "effectively stable", the blue chip added, at 25.9p per share, against 25.8p a year previously, while the interim dividend rose 2.1% at 19.4p. Pre-tax profits came in at £243m, up from £98m, due to a £88m valuation surplus.
Overhead costs, meanwhile, were down 9%, which helped offset the impact on earnings from the sales of the QAM office block in the second half of the previous year.
As a result, Landsec said full-year EPS remained on track to be stable compared to the previous year, in line with guidance, while in the 2028 full-year, EPS was set to see high single-digit percentage growth.
Mark Allan, chief executive, said: "We have continued to deliver on our strategic objectives over the past six months, strengthening our positioning for a higher inflation, higher rate environment.
"In a more uncertain world, the characteristics of our earnings matter. We own scarce, prime real assets where customer demand is concentrating. These assets are already generating strong rental growth, with significant further income growth embedded in our portfolio."
Landsec’s property is spread across the UK, encompassing workspaces, retail and leisure parks, and includes the Bluewater shopping centre, Brighton Marina and office space across London.
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