LANDSEC today said it had delivered a robust financial performance in the face of “political gridlock” as it increased its focus on London.
Chief executive Robert Noel said the company, which owns the Trinity Leeds shopping centre, had recorded a strong year operationally while maintaining high occupancy levels and expanding its development pipeline.
Commenting on the results for the year ending March 31, he said: “The actions we took both this year and last have delivered an increase in revenue profit of 8.9% to £442m. Adjusted diluted earnings per share were up 12.4% to 59.7p. Weaker retail markets account for an overall 4.1% fall in the value of our assets and a 4.6% reduction in EPRA net assets per share to 1,339p.
“Our business continues to evolve. 65% of our assets by value and our entire £3.0bn pipeline of development opportunities are now in London and over the coming years the business will be more concentrated in the capital. Outside London, we’ll continue to reduce our exposure, maintaining our focus on experience-led destinations.
He added: “Landsec is in a healthy financial position. We have a clear sense of where current and future opportunities lie and are well placed to address our customers’ changing needs, and deliver sustained value creation for our shareholders. This is an exciting time for real estate companies with the insight and capabilities needed to create the spaces for tomorrow’s businesses and communities.”