NAV and profit slumps at Landsec as retail woes continue to bite

Rob Noel

Landsec has swung to a £147m loss and reported a 3.2% fall in net assets per share as the group’s retail portfolio continued to lose value following a raft of insolvencies and store chain collapses in the first half of the year.

While revenue profit for the six months to 30 September rose 0.4% £225m, the commercial property giant saw NAV per share fall from 1,341p to 1,298p as the valuation deficit jumped from £188m to £368m. Earnings per share went from 5.9p at the same point last year to a loss of 19.6p, while the group’s loan-to-value nudged up to 28.1% and debt rose from £3.7bn to £3.8bn.

This content is only available to registered users

You must be logged in to continue

Gated access promo

Would you like to read more?

Register for free to finish this article.

Sign up now for the following benefits:

  • Four FREE articles of your choice per month
  • Breaking news, comment and analysis from industry experts as it happens
  • Choose from our portfolio of email newsletters

To access this article REGISTER NOW

Would you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week.

Registered users and subscribers SIGN IN here to continue