Media & Insights

Half-yearly results for the six months ended 30 September 2015

10 November 2015

“Land Securities continues to deliver the right space at the right time, and it’s paying off. Our Retail
Portfolio is performing well and leasing levels in our London developments remain strong,” said Chief
Executive Robert Noel.

“In Retail, our portfolio is focused around our core themes of dominance, experience and convenience.
Since the start of the financial year, we have sold selectively, recycling capital into the redevelopment of
Westgate, Oxford, and other development opportunities. Operationally we are strong, with retailer sales
and footfall up in our shopping centres and voids down.

“In London, we continue to benefit from our well-timed development programme delivering schemes into
today’s supply constrained market. So far this financial year, a further 500,000 sq ft has been let or is in
solicitors’ hands. We’re focused on completing and letting up the remainder of our committed projects
while progressing a future pipeline.

“Our strategy is working and we are well positioned for the future. We have better assets, with higher
quality income, and our balance sheet is stronger than ever. We are delivering for our customers, our
communities and our shareholders and look forward to the second half of the year with confidence.”

Results summary

  30 September 2015 31 March 2015 Change
Valuation surplus(1) £519.3m n/a Up 3.8%(2)
Basic NAV per share 1,416p 1,343p Up 5.4%
Adjusted diluted NAV per share(3) 1,367p 1,293p Up 5.7%
Group LTV ratio(1) 26.5% 28.5%  
  6 months ended
30 September 2015
6 months ended
30 September 2014
Profit before tax £707.9m £1,031.1m  
Revenue profit(1) £184.2m £170.0m Up 8.4%
Basic EPS 89.7p 130.6p  
Adjusted diluted EPS(1) 23.2p 21.4p Up 8.4%
Dividend 16.3p 15.8p Up 3.2%


1. Including our proportionate share of subsidiaries and joint ventures, as explained in the notes to the financial statements included within the half-yearly results.

2. The % change for the valuation surplus represents the increase in value of the Combined Portfolio over the six month period, adjusted for net investment.

3. Our key valuation measure.



  • £17.2m of development lettings
  • £17.0m of investment lettings
  • Acquisitions, development and refurbishment expenditure (including trading properties) of £317.3m
  • Disposals (including trading properties) of £406.5m
  • Supported 85 disadvantaged people into sustainable jobs in the communities where we operate through our Community Employment Programme


  • Ungeared total property return 5.9%, underperforming the IPD Quarterly Universe at 6.8%
  • Total business return (dividends and adjusted diluted NAV growth) of 7.0%
  • Combined Portfolio valued at £14.6bn, with a valuation surplus of 3.8%
  • Valuation surplus of properties in the development programme of 6.8%
  • Revenue profit £184.2m, up 8.4%
  • Voids in the like-for-like portfolio remain low at 2.8% (31 March 2015: 3.2%)


  • Group LTV ratio at 26.5%, based on adjusted net debt of £4.0bn
  • Weighted average maturity of debt at 8.3 years
  • Weighted average cost of debt at 4.6%
  • Cash and available facilities of £1.4bn
  • First half dividend of 16.3p, up 3.2%


  • 1.4m sq ft being delivered in London over the next 12 months
  • 0.8m sq ft Westgate, Oxford, due to open in October 2017
  • 1.4m sq ft of retail development and extension opportunities including Ealing Filmworks, Selly Oak, Birmingham, Buchanan Galleries, Glasgow, and White Rose, Leeds
  • 1.2m sq ft future London pipeline including 21 Moorfields, EC2, Nova East, SW1, 1 Sherwood Street, W1 and Portland House, SW1


  • Winner of the Business in the Community Work Inclusion Award
  • Maintained EPRA gold status for sustainability reporting and membership of FTSE4Good and the Dow Jones Sustainability Index
  • Achieved ISO 50001 certification for energy management
  • Re-certification of ISO 14001 for environmental management

All measures above are presented on a proportionate basis, as explained in the notes to the financial statements included within the half-yearly results.