Land Securities posts 3% rise in FY profit, up to £329.1m
Land Securities, the British commercial property company that is one of the largest shopping centre owners in the UK, saw revenue profit in the year to March 31, 2015 rise by 3% to £329.1m.
Profit before tax more than doubled, up from £1.1bn last year to £2.4bn this year. Land Securities' valuation surplus rose 17.3% to £2.03bn.
"With record leasing levels across our London development programme, combined with a reshaped retail portfolio and continued financial discipline, we have delivered very strong results with a profit before tax of GBP 2,416.5m and a total business return of 30.7%," said Chief Executive Robert Noel.
"In Retail, we took decisive action and have transformed our shopping centre portfolio, focusing our capital and expertise on those assets that fit in with our strategic themes of dominance, experience and convenience, and by selling those that do not. In line with our strategy, we acquired a 30% interest in the Bluewater shopping centre and took full ownership of Buchanan Galleries, Glasgow where we are working up our extension plans. We also committed to the redevelopment of Westgate, Oxford to provide a much-anticipated retail and leisure destination for the city."
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